Thursday, March 10, 2005

How much do you stand to loose in your old age if Bush's Social Security "reform" plan becomes a reality ?

Take this simple test from the website of US Senator Chuck Schumer of NY and see:

http://www.schumer.senate.gov/calc/#

As far as I can tell the only people who are better off with this program would be all of George W. Bush's friends on Wall Street who are estimated to gain 100 billion dollars in first 10 years of the program. Everyone else would see a strong decline in their benefits even with taking "ownership". Owning nothing is nothing.

Yes there needs to be some reform done to adjust the Social Security program as the retiring baby boomers will eat through the surplus.. the surplus, they put there during their earning years. It's only right that they are entitled to get it back in their retirement.

For us behind the baby boomers, it's estimated that the current Social Security program will fund 75% of the need. That only means the government has to find the other 25%.