New Report: Private Accounts Would Cut Benefits

[kerrygoddess]

New Report: Private Accounts Would Cut Benefits, Increase Costs for Small Businesses
15 June 2005



Sen. Byron L. Dorgan, Chairman of the Democratic Policy Committee and Sen. John F. Kerry, Ranking Member of the Small Business and Entrepreneurship Committee, today held a roundtable discussion and unveiled a new report highlighting the detrimental impact Social Security private accounts would have on small businesses.

Dorgan, Kerry Host Roundtable to Present Findings

“Increased costs. Benefit cuts. More red tape. Lower profits. This report clearly shows the disastrous effects privatization would have on America’s small businesses. Yet the President continues to promote a Social Security proposal that will drag America’s small businesses and their employees backward. Private accounts won’t work for Social Security and they won’t work for small business," Kerry said.

The report shows that the President’s Social Security privatization plan would cut benefits for small-business owners and employees, many of whom rely on Social Security as their sole source of retirement income, and would burden small-business owners with costly administrative requirements to establish and maintain private accounts.

MORE - http://www.lightupthedarkness.org/blog/default.asp?view=plink&id=1087

[indepat]

1. All this is what the proponents have in mind: they ain't no dummies

[NYPagan]

2. It would only cut the benefits of poor folks

And we know that poor folks deserve to be kicked around some more.

I know I have shrubs bootprint on my backside.

[elperromagico]

3. That's pretty much a no-shit proposition.

It doesn't take an economics major to see that, if people are investing their Social Security money into private accounts, less money will go into the general fund.

[applegrove]

4. They don't care about SS. It is about keeping the market bubble

going for a few more years and allowing the uber-rich to divest of their old stock painlessly - has millions of suckers will be in the market for stock and the rich can dump without lowering the price of the stock.

It is a tax on the next generation.