According to an Associated Press article today (Available Here), the Social Security program loses Billions of dollars every year by paying benefits to ineligible recipients or overpaying.
There were also estimated annual benefits of $9.1 billion made to ineligible beneficiaries, of which $7 billion was stopped by normal processes but $2.1 billion was not detected. Grassley noted that the $5.3 billion in improper payments that may or may not ever be recovered equaled 4.8 percent of total Social Security Disability Insurance benefits paid in fiscal 2004.
Folks, this is what happens to our retirement when we turn the management over to the government. Personal Accounts would eliminate this problem by giving you ownership and control and preventing the government from doling out your hard-earned benefits to "ineligible" recipients.
And just think about how much we would save in "administrative" overhead to fight this fraud and abuse.
Posted by Jeremy Tunnell
Comments
We'd save nothing by going with Bush-style PRA's. If the government can't manage to put your money into simple bonds, how can it coordinate with an additional fund manager to keep track of things?
Bush-style "Personal accounts" give you no ownership, it's just another government program.
SS Equity Funds EQUAL Big Government Corruption!
S4 Sucks and Gives Change!
