According to
this calculator from Senate Democrats [bias noted], under the Bush plan for privatization, I'll make $5326 less per year than under traditional Social Security. And that's with a decent, if modest annual income (I used 50K, which might even have been a high 'average', as they don't clearly explain if that's an average over a lifetime of work, or what).
I notice Greenspan this week
gave tacit approval to the privatization scheme, assuming the money was 'well-managed'. Um, yeah, well anyone with a brain knows that BushCo. already has in mind which of their financial services cronies will get the 'job' of managing our monies! Probably the same ones who manipulated the stock market to hurt small investors. Whatever...
I agree that Social Security in its current form is
not an efficient or long-term stable system. But I can't imagine that privatization, which as it is currently described would increase the possibility for loss, is the answer. Or at least not the whole answer. Those who have disposable income already
have private retirement accounts (not enough, granted, as we're not a country of savers, but still). Despite the calculator above, Social Security is
not for me--I'm educated, white, and relatively well-off despite my choice to work in public service. Social Security is (IMO) a social contract that says I won't let my fellow countrymen and women starve when they get old and/or disabled.
And why is no one paying attention to the fact that
Medicare is in
much worse shape, and will fail much sooner, than Social Security?? Oh, right, cuz BushCo already 'took care of that' with their little drug card deal. Um, NO!