August 12, 2010 at 1:56 pm
#701085
Smitty
Participant
I just have to respond to the social security misunderstanding that seems to be conventional wisdom at this point.
The Bush SS plan was going to allow younger employees (born 1950 on) to put a “maximum” of 1/3 of their *future* SS benefitd into a private account, with a cap of $1,000/year.
This hole “privatize social security” line that the Left trots out makes it sound like 100% of all past, present and future contributions would have been put into the stock market. Oddly enough, the market was at about 10,000 when this plan was introduced and if we would have been contributing our “dollar cost average” during these recent fluctuations we would have made for a decent gain by this point.