WTF...Your SS profits are CAPPED at 2% in this Bush scheme?!?

[OneTwentyoNine]

http://www.wnd.com/news/article.asp?ARTICLE_ID=42014

"The individual's personal account profits will be capped at a federally determined level. It's possible that this growth cap could be as low as 2 percent. No matter what the cap is, the government will keep the rest of the profit."

WTF!! Lets say you bought GOOGLE at the IPO price under Chimps scheme. Your profits would be capped at a possible 2% with the Government keeping the rest??

Hell that stock was up to about $210 per share the other day,thats about $120.00 over its IPO. Lets say you bought 100 shares.Under Bush's plan your actual profit from that stock would net you about $240 with the Repukes keeping the rest which happens to be $11,760. Holy CRAP!!

My GOD...does anyone really know about this??

[LostInAnomie]

1. I was reading the other day...

... that if the profits are below 4% that when you retire and they take their cut you will actually lose money. Who the hell would actually go for this farce?

[OneTwentyoNine]

3. The TOTALLY uninformed--you know,the ones who voted for Bush...nt

[Elidor]

2. Sounds like a great deal to me! Where do I sign?

I like the part about how all the risk is mine, but most of the profit goes to the gub'mint! I've been waiting for a deal like this all my life!

[NC_Nurse]

4. LMAO!

I LOVE that cartoon!:D

Hey, I've got a bridge I could sell ya too if ya want.;)

[hedda_foil]

5. World Net Daily doesn't seem too head over heels for the scheme either.

Which means that exactly nobody likes it except Wall Street. Maybe the chimp won't be able to sell it after all.

[OneTwentyoNine]

7. No...even Wall Street isn't jumping up and down all that much...

The reason is that the amount that could be invested by most is so miniscule they don't want to mess with it.

At least thats the take I get...

[Paranoid_Portlander]

6. "Ownership Society" has a special meaning.

"Well, isn't that special?" as the Church Lady would say.

[Tux]

11. Ownership?

I see "ownership society" as a move toward communism. Except that corporations would own and control things instead of the government (like now). I, for one, won't dump my money into thise scam and would prefer CDs, 401(k), and IRAs for retirement. At leat I won't lose much if anything. And I own it, not a corporation.

[mattclearing]

8. It's hard enough to beat inflation/interest in the stock market as it is.

That's a dealbreaker anyway you look at it.

[sendero]

9. It boggles the mind....

... that anyone could be stupid enough to want to do this.

Talk about "heads I win, tails you lose" :)

[Eric J in MN]

10. This may be based on a Wash Post story which they corrected

to say that only if your investment does BETTER than 3 percent do you get more.

http://www.esoterically.net/log/archives/002621.html

But there are so many contradictory proposals floating around, maybe the prooposal the WND article talks about is something some in the Bush Admin. want.

[papau]

12. The claw back was not corrected in the WP story since it is true

so we replace curent heir benefits with much smaller return of contributions -

and likely with nothing going to heirs after you retire.

[OneTwentyoNine]

14. And that Chimp and his Nazis will keep almost 80% of the profits..

"If a worker sets aside $1,000 a year for 40 years, and earns 4 percent annually on investments, the account would grow to $99,800 in today’s dollars, but the government would keep $78,700 — or about 80 percent of the account. The remainder, $21,100, would be the worker’s."

Using the GOOGLE example you would receive $2400 on $12,000 in profit and Bush and the Repukes would pocket $9600.00. Oh yeah,thats fucking fair.

I always wondered how he was going to cut the deficit in half in five years. Well there's your GD answer!

God what bullshit.

[Walt Starr]

13. Let's start listing the lies

1) You will get to control your investments.
This is a lie, under Bush's plan, the government controls what you invest in.

2) You will realize a bigger return on your investments
This is a lie, with a cap of 2%, you'd do better sticking your money into a federally insured savings account. You can get 3% there.

Any more lies?