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February 12, 2005

No, hands off my retirement savings

Topics: National News

- from the CATO Institute:

The phrase "guaranteed benefits" has been used a lot recently to describe the future benefits under the existing Social Security system. It shouldn't be; benefits under Social Security are not guaranteed.

- In The Agora
President Bush was stumping for his Social Security reform plan in the Philadelphia area yesterday. My local newspaper ran a photo of some people opposed to his plan holding signs reading "Hands off my Social Security." Most of those in the photo looked like either retirees or workers nearing retirement. What's wrong with this picture?

Give yourself 5 points if you said that under Bush's plan nothing will change for people 55 and older. They will continue paying into Social Security as they have all these years, and they will receive the benefits they have been counting on during retirement. And give yourself 10 points if you said that under every proposed plan private accounts are an option.  If you want to stick with the government's scheme, you are free to do so.

No, it is the AARP and other opponents of private accounts who want to have their hands on my retirement savings, telling me and my peers what I can and cannot do with 12% of my salary every month.

Posted by Hyscience at February 12, 2005 3:50 PM

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