[Puppage]

That sounds like Bush’s Social Security Privatization plan

Bush's was strictly voluntary. This seems like it's mandatory.

[Sacajaweau]

I'm on SS now. I still work part time because I am able and it's what I love to do. But there will come a day when the government will be in total control of my income (SS) and I'm getting scared because they can take out anything they want...via any new law they create.

P.S. No pension, minor savings available because I thought putting three kids through college was more important.

[AlphaOneAlpha]

“This seems like it’s mandatory”

Yep, call it Marxism. If this guy gets elected,and with the support of Dem majorities in both houses, you will not recognize your country after 4 years. Coast to coast will be a San Fran-like freak show.

[CharlesWayneCT]

To be honest, Bush's plan was not voluntary, in that social security taxes were mandatory. However, since he wasn't INCREASING the social security tax, it wasn't the same as Obama's plan.

The point being Obama opposes taking 3% of the existing social security money and putting it in a private account. But he is proposing to take some percent of the federal money (which might as well be social security taxes) and putting into a private account, IF the person matches it with their own money.

Also, Obama's plan is not mandatory either. It just reverses the result of inaction. In his plan, you can opt out, but you have to do so explicitly.

Which reminds me that we already I think did this, or something similar. I thought that a couple years ago we changed the laws so that employers are supposed to assume new employees want to participate in retirement plans, and the employee has to opt out.