I’m all for cutting my future social security benefits as long as I get a greater share of that money today to invest privately.
Under the current proposal, 4 percent of my 12.4 percent payroll tax will go to private accounts. That’s roughly one-third of my money that I’d get to keep and invest. The proposed cuts in benefits would be about a third as well. Hopefully, my private account would more than make that up.
That’d be fair. I’d still have a safety net (the other 8.4 percent), but also a real-life nest egg of cash that could return much more money than regular Social Security benefits. This nest egg would also be transferable to my children, a benefit I’ll never see from Social Security.
I’m all for it.
Kudos to the Washington Post for the story. It was informative and balanced without being alarming. There’s a real problem with the social security system, and it needs to be addressed. But if the media frame the issue as “just another way the Republicans want to screw over the little guy,” then we’re going to be in for trouble. Let’s keep an eye on the NY Times…