Rove's shills are still pushing the Social Security ripoff

[swag]

This piece of idiocy from the Oregonian's David Reinhard, for example:

http://www.oregonlive.com/news/oregonian/david_reinhard/index.ssf?/base/editorial/1114682329276130.xml&coll=7

Here's my ltte response (and I'll be the first to let everyone know if they print it:
________

Editors:

David Reinhard's support for Bush's wrongheaded Social Security scheme is based on gravely flawed premises.

Economist Robert Shiller has pointed out that what the President is really proposing is that Americans buy stocks on margin. As Pensions & Investments magazine reported on April 4, citizens who opt for the Bush private accounts would actually have two accounts created: an investment account and an offset account, with a 3% real interest rate.

The individual's benefit upon retirement under the President's plan would equal the private investment account value minus the value of the margin account. Reinhard fails to subtract this stealth "margin loan" 3% real rate from his rather optimistic return projections.

Do we really need to add trillions to our federal budget deficit (as Dick Cheney has acknowledged the Bush plan would do) to provide retirees with such crummy returns?

[Vincardog]

1. What aWoL wants to do is add trillions to the debt to give

Wall street Billions in commissions and fees. Anything to help Capital.

[whistle]

2. Democrats must push back, Obama of IL has a good suggestion

...but I have no link. He wants to raise the income ceiling of FICA to $300,000 using say $190,000 to address the solvency issues and then allowing those who can afford it after the minimum contributions are met to either leave those extra FICA contributions in the funds or place some portion of the excess into 401Ks or IRAs or the like. That could work, but I would want to see the 75 year projection to pass final judgment. It certainly is better than bleeding away 40% of present SS contributions which hurts everyone. At least the safety net features of SS are preserved.

[Batgirl]

3. and after the shoshicurty funds are turned over to wall st....

[ClintonTyree]

4. Rove has stated...

that ANY overhaul of Social Security MUST include private accounts. There you have it, the master has spoken. They will not accept any proposal that doesn't include give-aways to Wall Street. So.....I guess they'll have no agreement on proposals, will they?

[swag]

5. That's fun.

So Americans get trillions more in debt, unwanted margin loans, low returns/high risk, and Wall Street gets big commissions.

[democrat_patriot]

6. Nice LTTE

Definitelt got your point across. I hope they print it.

[swag]

7. Thanks

Writing LTTEs is tough for me, because I get frustrated by the constraints.

I sure appreciate your comments.