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More On "GROW" Accounts
August 23rd 06:52:59 PM
With "GROW" Accounts looking like a possibility this fall, it's important to remember some facts about them. From Congressman Jeff Flake:
"It is simply wrong that money from the Trust Fund - which comes from taxes workers pay for their retirement - are spent elsewhere, and that they will have to be repaid with more taxes in the future. I applaud my House colleagues for introducing the G.R.O.W. Accounts legislation, which will finally stop the annual raid - and spending - of the Social Security surplus.
I believe that Americans are not pleased with the spending of the Social Security surplus. The only "shell-game gimmicks" (besides pretending that there is not a problem with Social Security) are the Trust Fund IOU's."
Posted by Chris Schrimpf
Comments
Congressman Flake says the money in the "trust fund" isn't being spent and then tells us that it is!!! In fact, as Bush has said, the "trust fund" is full of IOU's because Congress (including Flake) has had a great time playing with those tax dollars and leaving the "trust" with IOU's. At this rate, of course taxes will ahve to be raised. How else will the trillions owed be put back in to cover obligations to people whose payroll taxes have been paid in for the past 40 years? Do you think there's no proce tag for a Congress that spends the way most of them have?
By the way, until 2018, the trust fund will still be running a surplus, unless Bush succeeds in convincing people that a portion of Social Security taxes should be put into private accounts. Then, the fund runs out of "surplus" even faster.
The real truth is that the Administration and you lot, who really have no interest at all in "saving" Social Security, want to get rid of an important program that underpins a core part of everyone's retirement income. For some of us, it's a bigger chunk of income, for others, it's a pittance. But, it's guaranteed, and it's not chump change. Shifting what are now tax dollars into private accounts saves nothing. It's mainly a symptom of greed and selfishness. Anyway, that's what 401-k's and IRA's are for, along with lots of other savings vehicles and tax incentives. If that doesn't work for you, putting aside about 2% of your earnings into private accounts won't get you much by the time you retire. Try raising the limit, first, to a more reasonable level. The $95,000 cap is a joke. In any case,if you think that equities are such a hot investment, just take a look at how poorly those private savings accounts would have done on Bush's watch -all headed south.
Be a little more honest, folks. It's better than parroting the President and, I suspect, having your bills paid for by the Republican National Committee.
Posted by Josh Gruber on August 25th 04:51:02 PM
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