If You're Under 55 Bush Promises To Cut Your Social Security Benefits!

[Itsthetruth]

Social Security benefits promised to workers who are currently under 55 years old would be changed under President Bush's call for voluntary personal accounts for younger Americans. Republican congressional officials said Wednesday, citing information provided by the administration.

The decision means those 54 and under would be subject to a cut in their promised starting Social Security benefit when they retire.

Think that idea will fly amound younger workers? That's the message that must get out. Under Bush's plan, if you're under 55 years old now you will have your benefits cut. Bush promises that!

Just made a few changes in a news article while sticking to the facts presented by Republicans who stated that those currently 55 or older won't have their benefits cut under Bush's privatization proposal. Whoooppppeeeeee!

Here's the link to the news article which was posted on DU Late Breaking News:

http://apnews.myway.com/article/20050202/D880I3K81.html

[LSparkle]

1. I heard that last night and almost had a coronary

I've paid into this system for 20+ years and now I'm going to have to take a CUT? I'm praying Reid is right that this issue is DOA because otherwise, I feel like I'm gonna get "Enron"'d.

[Itsthetruth]

3. March To Defend Social Security?

I'd like to see the AARP, AFL-CIO and other progressive organizations carry out a massive campaign in defense of social security. It should get out a unified message:

1. The Bush government is lying. Social Security Is Not Broke

2. The Bush government plan will destroy Social Security.

And a serious and effective campaign in defense of social security would conduct a massive media buy campaign and how about a mass march on Washington to defend social security?

Forget the ignored e-mails and letters. Let's hit the streets all over the nation and get people mobilized to defend our rights.

[jarab]

2. Thanks for articulating the other side of the coin. eom

...O...

[Sequoia]

4. Well, F him and he can go to hell!

Every day in the USA, no the World, the Universerse, gets worse with that cravy monkey. He's doing this for his own special interest buddies. You know those corporations will fail and all that money people paid into for their retirement will be lost forever.

[cthrumatrix]

11. the MF'ing media has to tell the damn truth -- fricking cheerleaders

never bring up the facts

[elehhhhna]

The kids better do well w/ the private accts--so we can move in with 'em.

[ChickMagic]

5. Great. Just great.

I'm 51 and have zip in savings because of some monstrous medical bills. The Teacher's credit union plays craps with our so-called pension. I really need the supplemental income in order to just stay afloat. Some Contract, huh? They are dumping the New Deal faster than I thought possible..

[AirAmFan]

6. Doesn't the term "no cut in STARTING benefits" raise concerns

for everyone, incuding those 55 and older?

Republicans have proposed changing the way in which annual increases in monthly benefits are calculated to compensate for inflation. This would provide an incentive for inflating the dollar that would become irresistible as the bills for Dubya's spending spree and income tax largesse to the very rich come due.

Within ten or twenty years, even those now 55 would suffer substantial loss of spending power, compared to what they are guaranteed now under current law. Those younger than 55 woudl suffer a double cut, including a lower starting benefit as well as incomplete compensation for acceleerated inflation.

[Inland]

7. I came into workforce just in time for the tax hikes of the eighties

and I'll leave just in time for the benefit cuts of the twenties. Fuck you, Bush.

[El Supremo]

8. They're screwing me again.

I'm 54.

They have kept raising the FICA cut off to just a little more than I make.

Back in 1983 they changed the age I would receive full benefits to 66.

In 1971 when I was 20, they said that 18 year olds could now vote.

Oh, and In 1970 I almost got drafted right after the lottery went into effect.

[Career Prole]

9. Great...as if being "fifty-something" didn't suck enough

on its own merits. :(

[Bluebear]

10. If you are 54, you have 11 years to let those investments flourish!

Put yer money in and takes yer chances! You have all of 11 years. GO!!!!

[murphymom]

12. I'm 54

and I did not contribute to Social Security for NEARLY THIRTY FIVE YEARS to be taken for a chump! (by a chimp) :mad::mad::mad::mad:

[TexasSissy]

13. Young adults THINK this will mean higher Soc Sec benefits for them.

Boy, will they be surprised. But it'll be years before they find out the truth.

For others, who are wealthier young adults, they don't need Soc Security. They will gladly vote Republican so as to lessen their taxes and have more $$$ to invest, which they will parlay into greater returns than they'll get from Soc Sec. (They won't need the private accounts, so they won't care if that ends up with less $$$$.)

For me, an older working American who is not yet 55....I am pretty upset about this. It is too late for me to make up the difference from my Soc Sec benefits being cut, but I'm not old enough to be guaranteed my benefits won't be cut. This is almost too much for me. Almost too much. Very upset. Will I end up working the rest of my life, after working already since the age of 17 and contributing to Soc Security and counting on it? It seems that that is likely.

[Itsthetruth]

14. Bush Offering No Guarantee's On Private Accounts

They should find out the truth right now! That's the duty of progressives and organizations. Get out the truth!

What guarantee is the Bush government making that so-called "private investment accounts" will deliver a higher rate of return than the social security trust fund? Where's the guarantee???

That's just one question people should ask when they claim these private accounts will provide a high rate on return for younger workers.

[TexasSissy]

15. You're right, of course. I invest, and that is a maxim...

you give up higher returns for the "guarantee" of a certain return (like bonds). You have to up the risk in order to get a chance at a greater return....the risk being that you could lose it all.

[Blue Gardener]

16. That's just great.

My Grandmother worked waiting tables until she got cancer at age 84. I told my Dad that was probably going to be my future as well. I'm 45, can't count on my SS, and am not counting on my pension either. I have a feeling at some point that idiot in the White House is going to let the corporations off the hook as well when it comes to paying the pension I have earned for the last 25 years.
I have some money in the bank, but one major illness could wipe that out in a hurry.
I really despise these people.