That is how I read the speech.
And anther thing those private accounts will do....if it ever comes to pass...is it will ALLOW for a financial education to happed to people who have NEVER SEEN compounding interest.
As these folks watch their small percentage in a private account, over time, grow and expand and increase at a rate SS will NEVER SEE because it is a system always undergoing depletion....
A whole lot will begin to change.
Our President proposed using the federal government in the right way tonight...as a means, not an end! I loved it!
Essentially, yes.
With acceptance the public is addicted to the "security" and monies doled out by government, there is a conditional acceptance of the reality provided measures are in place to lead to an outcome that discourages reliance on government, more reliance on self and one's own neighbors, in the long term.
That is the essential root intent of private accounts, and imo, the proposals tonight in aftermath of the hurricane.