Comments on: Private Accounts vs. Social Security….Good or Bad? http://www.nicholls.edu/bastiatsbastions/2006/02/24/private-accounts-vs-social-securitygood-or-bad/ What is seen and what is unseen. Mon, 23 Jan 2012 16:26:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Dameyel Welsch http://www.nicholls.edu/bastiatsbastions/2006/02/24/private-accounts-vs-social-securitygood-or-bad/comment-page-1/#comment-696 Dameyel Welsch Fri, 08 Dec 2006 00:09:59 +0000 http://www.nicholls.edu/bastiatsbastions/2006/02/24/private-accounts-vs-social-securitygood-or-bad/#comment-696 The AARP and NY Times may have seen the light. They think it would help the tax payer. This idea for personalized account may be a good idea. Whatever a person put into accounts, that is what they will get back. The hard workers of America may like this idea, but will privatized accounts work? I thought the government should let American vote on this topic so we, the taxpayers can decide. The AARP and NY Times may have seen the light. They think it would help the tax payer. This idea for personalized account may be a good idea. Whatever a person put into accounts, that is what they will get back. The hard workers of America may like this idea, but will privatized accounts work? I thought the government should let American vote on this topic so we, the taxpayers can decide.

]]> By: Shari Lawrence http://www.nicholls.edu/bastiatsbastions/2006/02/24/private-accounts-vs-social-securitygood-or-bad/comment-page-1/#comment-48 Shari Lawrence Fri, 17 Mar 2006 21:29:02 +0000 http://www.nicholls.edu/bastiatsbastions/2006/02/24/private-accounts-vs-social-securitygood-or-bad/#comment-48 The private account scenario proposed by the Bush Administration in 2004 diverts 4% of payroll tax withholdings into individaul accounts up to a max of $1,000 per year, adjusted annually. This leaves just 8.4% for the traditional Social Security fund. Unless I'm missing something, it sounds like the automatic IRAs are an addendum to private pension plans and would not affect existing Social Security benefits. The reason AARP is opposed to Bush's private accounts is that it results in decreased overall SS benefits. However, it doesn't appear that automatic IRAs would affect SS benefits. I don't believe cost is an issue for the auto IRAs. The cost should be negligible for employers since reporting and admin requirements for IRAs is minimal. The age old problem is how to encourage low to middle income people to contribute. Government matching would certainly be a better incentive than the tax breaks that have been tried in the past. Auto enrollment has been shown to work as well. The private account scenario proposed by the Bush Administration in 2004 diverts 4% of payroll tax withholdings into individaul accounts up to a max of $1,000 per year, adjusted annually. This leaves just 8.4% for the traditional Social Security fund.

Unless I’m missing something, it sounds like the automatic IRAs are an addendum to private pension plans and would not affect existing Social Security benefits. The reason AARP is opposed to Bush’s private accounts is that it results in decreased overall SS benefits. However, it doesn’t appear that automatic IRAs would affect SS benefits.

I don’t believe cost is an issue for the auto IRAs. The cost should be negligible for employers since reporting and admin requirements for IRAs is minimal.

The age old problem is how to encourage low to middle income people to contribute. Government matching would certainly be a better incentive than the tax breaks that have been tried in the past. Auto enrollment has been shown to work as well.

]]> By: Everett Armand http://www.nicholls.edu/bastiatsbastions/2006/02/24/private-accounts-vs-social-securitygood-or-bad/comment-page-1/#comment-21 Everett Armand Sat, 04 Mar 2006 18:37:32 +0000 http://www.nicholls.edu/bastiatsbastions/2006/02/24/private-accounts-vs-social-securitygood-or-bad/#comment-21 This proposal made the AARP and the NY Times change their mind because the govern pointed out that with private accounts there would be no need for a social security tax which in my opinion wouldn't change nothing for the average blue collar worker.If the government gets rid of the social security tax that they take out of your check already and add the program where your regular employees pay for the private accounts anyway it's not saving them no money no matter which one the government choose. I know the government will never pass a law that wouldn't benefit them in the long run so really everyone who reads this article can give their opinion , but the government had to look into the benefits of switching to private accounts because if they really wanted to switch to private accounts they would have switched the first time it was proposed to them. This proposal made the AARP and the NY Times change their mind because the govern pointed out that with private accounts there would be no need for a social security tax which in my opinion wouldn’t change nothing for the average blue collar worker.If the government gets rid of the social security tax that they take out of your check already and add the program where your regular employees pay for the private accounts anyway it’s not saving them no money no matter which one the government choose. I know the government will never pass a law that wouldn’t benefit them in the long run so really everyone who reads this article can give their opinion , but the government had to look into the benefits of switching to private accounts because if they really wanted to switch to private accounts they would have switched the first time it was proposed to them.

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