House GOP Plan Swaps Benefits, Accounts

[deadparrot]

WASHINGTON - The House Republican plan to overhaul Social Security requires retirees to give up their guaranteed benefit level if they want a personal account that can be passed on to heirs, GOP aides said Monday.

Only those who invest the accounts in government securities while they are working and in an annuity when they retire can be certain of receiving the full Social Security benefit they are promised, the aides said.

Other investment decisions would expose individuals to the ups and downs of the financial markets. That means their monthly benefit could wind up lower or higher than now envisioned. The aides, who work for the House Ways and Means Committee, described details of the bill to reporters on condition of anonymity.

Creation of personal accounts that give workers a nest egg they can pass along to their heirs has been a major selling point in the GOP drive to overhaul Social Security.

http://news.yahoo.com/s/ap/20050718/ap_on_go_co/congress_social_security

[barbaraann]

1. They're pitting older people against their children.

God help us.

[MichiganVote]

2. Bunch of godamned crooks

[firefox]

3. What about disability?

What happens when you become disabled before you build any savings?

Of course it is just a robbery plan, because if they wanted investment accounts, they could just have the government doing the investing collectively.

And besides that, doesn't it tell you something that you would not have a choice between the risk of personal accounts and "staying the course?"

[AuntiBush]

4. And Survivor's Benefits?

My late-husband just rolled over in his poor grave. And Disability, too. This is disgusting. All the years we paid-in, and all I can say is if this group isn't ousted for their crimes I literally give-up.

[rexcat]

5. It is a shame that the repukes are bastardizing SS...

the purpose of SS is a safety net for those who are not fortunate enough to be rich or lost there job or had their pension lost because their employer went under. This debate needs to be turned on its head and re-framed.

[krkaufman]

6. So much for the "Security" part of the plan.

What a bunch of cretins.

[lovuian]

7. this won't fly!!! The Polls will be down farther tommorrow

the politician that is far this

is doomed at the next election... Unless its rigged but these boys better worry if the Rove Brain can pull it off!!! He sure is in a heap of trouble!!!