Anybody here in MN 7th District? Peterson may support Bush SS Plan

[Oreo]

Your Democratic congressman Collin Peterson may support Bush's Social Security plan. Use proof from this post where a senior Administration Official admitted that 80% of the private fund will go back to the gov't.

Benefit Offset

That's the phrase of the day, the week, the month folks. It means that your private account isn't so private and your personal account isn't so personal. Money you put in your private accounts -- quite possibly the vast majority of that money -- will simply be taken away from your social security benefit. It appears that the WaPo people actually picked up on this:

Even more curiously, a "senior administration official" who briefed reporters on the Social Security proposal earlier today disclosed details of the White House plan that I don't think will play well in Peoria. Most significantly, this official revealed that most or all of the earnings from new "personal" or privatized accounts will be paid not to the holder of the account, but to the government. The senior official called this a "benefit offset." It's one way to finance the creation of these private accounts, but it's going to cause quite a political stir, I think.

But, this shouldn't be a big surprise. Benefit offsets have always been part of the whispered plans.

Facts:
A lot or even most of the money in your private account is just going to deducted from your benefits. Zero sum game.

A lot or even most of the money in your private account is not going to be able to be left as an inheritance -- you'll be required to buy an annuity upon retirement, and if you die one day later the money will be all gone.
http://atrios.blogspot.com/2005_01_30_atrios_archive.html#110740766781911157

http://talkingpointsmemo.com/fainthearted.php
Rep. Collin Peterson (D-Minnesota)

Let him know what a bad idea this would be!
http://collinpeterson.house.gov/default.htm
Washington, DC
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Detroit Lakes
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Marshall
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Montevideo
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Red Lake Falls
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Redwood Falls
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Willmar
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[Sorwen]

1. I'm from the 7th

This is what Peterson is quoted as saying in the Feb 2 issue of the strib:
"At this point, I'm against what he's doing," Peterson said. "Part of what they're doing is trying to shift the risk from the government to the individual, and I'm not sure the individuals understand the risks."
http://www.startribune.com/stories/468/5219991.html

Peterson is a pretty reasonable guy. Like me, he is willing to have an open mind on the issue and consider possible benefits from having some sort of private accounts, but he won't vote for a bad plan that does not address the concerns he has with privatization.

To me, one of the biggest selling points of having private accounts is that it could he left as an inheritance when you die. If that's not the case, then it's a pretty awful plan.

[Oreo]

3. Everything I've read

says a majority of whatever is in the private account will go back to the government to pay for the cost of the conversion. One of my links above quotes a "senior administration official" saying just that.

I think it's important that a 7th District constituent makes sure he knows this.

[Avis]

2. 7th district too

I'm going to write or call him - I'm 54 and see no way this will benefit us. I see no way this is going to benefit farmers - or their spouses that would get only benefits from the other person. I used to like his independence, but I think it is going to his head. I think he likes the attention.