*'s Social Security Details.

[indianablue]

Some Snippets.

In Tucson on Monday, Mr. Bush told the audience: "You can't liquidate your personal account when you retire. It's the interest off your personal account that will complement your Social Security check, no matter how big or little it is, that you're getting from the federal government. That's important to remember."

In Denver later that day, he cautioned that "when you retire, you can't pull all your money out." And in Albuquerque on Tuesday morning, Mr. Bush told the audience members that they "can't liquidate the plan upon retirement because it's a part of the retirement system."

http://www.nytimes.com/2005/03/23/politics/23social.html?

Update: The way I also understand from what else I have read but do not know for a fact is: The government keeps the first 3 % if there is any thing else after that is yours.

[Arkana]

1. You know, I'd think more of him

if he just said "Look, people, I have no clue what the fuck I'm doing. I don't even know why I'm here. Just go with me on this? Please?"

Wait--no I wouldn't.

[babylonsister]

2. And we're exposed to

commercials that are all about dems 'not having a plan'? Why do we need one? The BLIVET has many and none at once!
But freedom blahblahblah

[Up2Late]

3. WTF? Did he NOT read the Script?

Maybe he was just so "Pumped" from the 2004 Campaign, that he said, "Hey, I'm the President, and I want to do a 60 Day tour. Screw the facts, they're gonna change anyway":crazy:

[punpirate]

4. This indicates that the Bush admin thinking...

... on the plan is even more devious than what they first proposed. This is turning over tax money to Wall Street but keeping the government involved--which was the precise reason why SS was structured as it was seventy years ago--to prevent even the merest inkling of a possibility of graft or corruption when dealing with what was then and is now an extraordinarily large sum of money.

Just consider the implications of being able to manipulate trillions of tax dollars for personal or political gain... the opportunities for widespread corruption are simply staggering. :grr:

[CountAllVotes]

5. yep ...

You give your money to Wallstreet and you NEVER see it again. Live off of the interest I dare ask? WHAT interest! The DOW hasn't gained anything is almost 5 years now!

:kick:

[indianablue]

6. Glad you sad that...I noticed that too! NT

[CountAllVotes]

7. yeah I've decided I hate Wall Street

Too damn many evil and corrupt games going on. I sold most of my stocks today. I have a few left, but nothing much. The rest is CDs, Treasury bonds, all insured accounts.

This is such a stupid idea. When in the hell will people wake up and smell the coffee?

:kick:

[indianablue]

10. I have company 401K but ti is fixed account about 6 % a year.

I had it in other options such as index and some other mutual funds but only one ever turned a gain over a long haul and that was only about $ 30.00.

The Fixed account has avg between 4-6 % annually plus with my company match of another 4 % there is no reason to risk it.

[paineinthearse]

8. Let me get this straight

You put money into a "personal" account but can only draw off interest. Isn't that the same as handing it all over the the government for their use? This snake oil is not going to play in Peoria.

[indianablue]

11. Here is some more info...

The way I understand it is you do not even get all the interest you get anything left over after 3 %.

[seventythree]

9. Nothing new here

that's the way I always understood it from reading about it -- you have to buy an annuity with the money. After that you can -- you'll have about 27cents left over.

[indianablue]

12. I Agree but many think they wil kepp ALL the money. NT