ALL workers will have their benefits reduced, "personal" account or not!

[flpoljunkie]

http://www.nytimes.com/2005/02/03/politics/03social.html?ei=5094&en=cd5916ce33c6185f&hp=&ex=1107493200&partner=homepage&pagewanted=print&position=

Workers who decided not to put part of their tax money in personal accounts would presumably be subject to the same benefit reductions as those who participated.

(Percentage most often quoted is in range of 40%! You're screwed no matter what, in other words!)
__________________

Program basics of Dubya's scam from link above:

Here are the basics of the proposal, as described in greater detail by a senior administration official than by Mr. Bush, who called it "a better deal" for younger workers, echoing President Franklin D Roosevelt:

¶Beginning in 2009, workers could invest up to 4 percent of their wages in individual investment accounts up to $1,000 a year initially. The maximum contribution would rise by at least $100 a year afterward.

¶The program would be phased in. In 2009, this option would be available to workers born between 1950 and 1965; in 2010, workers born as late as 1978 could participate; and beginning in 2011, all those born after 1949 would be eligible.

¶Account holders would have to choose from a small menu of diversified stock and bond funds with varying degrees of risk, similar to the Thrift Savings Plan available to federal government workers.

¶The personal accounts would be administered by the government; private companies would manage the investment funds under contract with the government.

¶No withdrawals would be permitted before retirement.

¶When workers retired, most would be required to use at least part of their accounts to buy from the government lifetime annuities, financial instruments that provide a guaranteed monthly payment for life but that expire at death. Despite Mr. Bush's declaration that money in the accounts could be passed on to children and grandchildren, the principal of an annuity cannot be inherited.

¶Money left over after the annuities were purchased would belong to retirees to spend or invest as they wished and could be bequeathed.

[Dinger]

1. Please use "PRIVATE" not . . .

"personal," it's a RW euphamism

[flpoljunkie]

2. Flim-Flam Dubya's term "Personal" is put in parenthesis to make a point.