Hope this example helps...I am going to be a network admin so this is probably what I am looking at:
A good network admin/programmer would make roughly 70K/yr.
12.4% of that number is $8,680/yr for SS.
Now lets say I work 50 years, ignoring inflation and a raised income...that’s
$434,000 in social security. With the system corrupt as it is today, I will never see a portion of that money. Even if the system did work, I would never see anything close to what I paid in FICA.
If instead that money is put into private accounts, IRA's, Mutual Funds, stocks, etc...That number would grow dramatically every year depending on the risks I take. If I am young I would probably take a higher risk but when I am older saving for retirement, I would just let the money grow over time. Investing 12.4% of my income every year I work for the rest of my life..
I could expect millions in returns when I retire easily(if I start in the early 20's). Also god forbid if something happened to me, the money in the private accounts does not go to the government like SS, it goes to my family. Also, my income is
taxed after the money removed for investments which adds up in the long run.
I don't see anything wrong with Bush's plan to privatize accounts. I have no idea why Democrats seem to think his plan is fatal. Maybe that’s because they think
social security is their system and it is an insult to rid of it.
Get the senators in the blue states to understand the problems. Sign a petition by clicking this link:
http://www.gop.com/GOPAgenda/AgendaPage.aspx?id=7