How Much Will You Lose Under Bush Privatization?
Find out using the Social Security Calculator
Sample:
A 35 year old making an average of $40,000/year will see nearly $5,000/year lost under the Bush plan. That's a 23% cut in benefits.
Sample:
A 35 year old making an average of $40,000/year will see nearly $5,000/year lost under the Bush plan. That's a 23% cut in benefits.
3 Comments:
Boo, hiss. I'm too old for the calculator. Guess I have to get my children to try it.
Everyone under 55 should try this calculator. Polls suggest that what little support there is for Bush's privatization scheme comes from people born before 1950. Polls also suggest that when people understand that Bush's scheme calls for benefit reductions, the opposition rises sharply. This calculator shows those under 50 how much they have to lose under Bush's scheme. If all under 50 used this calculator, there would hardly be a soul left who supported Bush's privatization plan.
--A Good Citizen
The phrase makers are always looking for catchy names for each new generations. Bush's proposal suggsts a name for those born after 1950: The Triple-Billed for Less Generation, or 3X- in shorthand. Under Bush's plan the 3X- generation would pay for SS three times, and then they would receive a smaller benefit. The first payment would be through the withholding tax, 4 percentage points of which Bush would divert to private accounts. The second payment would be the debt service on the 5 trillion dollars in borrowing necessary for the transition to private accounts. The third cost would come in the form of slower economic growth and slower wage growth as a consequence of the higher interest rates caused by the 5 trillion dollars (or whatever unimaginable sum is required) for the transition. And then the 3X- generation would receive a smaller total benefit!!! Triple-billed for less benefit. 3X-
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