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Wednesday, February 09, 2005

Republican; See Repulsive

   By Emelius at 4:23 PM

      Katrina Vanden Heuvel of The Nation comes out fighting yet again with another great article. Katrina updates her Republican Dictionary with the definition of the Bush's privatisation of Social Security and outlines his plan in an easy to understand way. A recommended and quick read for everyone.


But here is the really funny thing about the personal/private accounts debate. Not only are they not personal accounts, they're not private accounts either. They are in fact US government loans. (Bear with me now, because this will only hurt for a moment.) You see, your payroll taxes will still be used to cover the benefits of current retirees, but under Bush's scheme the government will place a certain "diverted" amount into an account in your name. It sounds like a personal retirement account, but it's not. It's a loan. Because if your account does really well (above 3 percent), when you retire the government will deduct the money it lent you (plus 3 percent interest) from your monthly Social Security check leaving you with almost the same amount you would have received under the current system. If your account does really poorly (below 3 percent), you are out of luck. According to Congressional Budget Office, the expected average return will be 3.3 percent, so the net gain will be zero.

2 Comments:

Blogger san diego said...

I've just sent an email to ed schultz. I live in san diego and am so happy you broadcast in our city.

I've tried for months to get through on the telephone, to no avail. I have you in my auto dial. I just don't have the magic finger.

My question is, why isn't the ed schultz show listed on the air america front page? Also why isn't the call letters for san diego, my city, listed on the header?

Thank you so much for being available to us. It's about time.

Merci,

francene blanchard
san diego
(619)293.7721

5:48 PM  
Blogger Emelius Browne said...

Thanks for the question. Ed Shultz is not a formal member of the Air America Radio network. For Official information on AAR hosts and stations, please visit it's homepage at http://www.airamericaradio.com/. Not all stations are required to carry all of AAR's programming or may have existing contracts with other shows that make it impossible for them to air all shows. I hope this answers your question and invite you to join our chat room if you have more questions where we can answer you in more detail, personally, and quicker.

6:06 PM  

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