What's with all the proposed private savings accounts?

[TheFarseer]

A health savings account and a private social security account. Sounds like a really great idea for brokerage firms. Is that the whole idea? Then they can't give you a write off for interest earned on a basic savings account at a bank. They say they want to encourage saving by going to a sales tax instead of an income tax. Why not give people a write off on the first $100 in interest earned? Oh yeah, because that would be a drop in the bucket to the millionares that he really wants to help :mad:

[Liberal Veteran]

1. All these various savings accounts are just tax shelters...

...pure and simple.

[Mike Niendorff]

2. Consider what happens in case of bankruptcy:

You can bet your ass that all those "private savings accounts" will ultimately be treated as attachable assets.


MDN

[Tace]

3. Aside From All The Issues Of These Proposed Accounts...

I'm seeing that the administration is relying on these accounts to goose the stock market, which is set for disaster by the second quarter of next year.

[TheFarseer]

4. well, that's the other part of it

isn't the stock market actually lower than when bu$h took office? Our economy is to say the least proped up on stilts by magic unicorns and pixie dust. As soon as we have to pay for our debt or foreign investors wise up and pull out, we're in so much trouble and so is anything attached to the stock market.

[Ardee]

5. I am no accountant, or broker

But as I understand it a portion of your SS payments would be at your disposal to invest as you wish. This is a windfall in fees and such for Wall Street, is a betrayal of a long standing governmental responsibility to its citizens and is based upon as much faulty logic as was the invasion of Iraq.