To the editor:

Social Security (SS) is about to be dismantled! Workers pay a flat 6.2 percent SS tax from each paycheck. Bush proposes that 1/3 to 2/3 of this go into a personal investment account. Citizens would then choose stock(s) to gamble their retirement benefits with. Privatized retirement accounts already exist for everyone: Traditional IRA, Roth IRA, 401-K, and 403-B plans. You already get to invest retirement funds in stocks with these. So why does Bush want make another privatized plan within Social Security? Because they have spent the future of Social Security on the Iraq War and the huge tax cuts. Now you will pay for it with your retirement funds. You didnít think those were free?

With Bushís plan, the money the employee is paying in to SS would have the retirement benefits frozen so they would no longer increase with inflation over the years. As a workerís wages go up, the amount you pay in to SS goes up. For instance 6.2 percent of a $50,000 salary is $3,100; 6.2 percent of a $75,000 salary is $4,650. The employee would pay more as their salary increases but their benefits would not increase. This is true whether you opt in to the privatized plan or choose not to. Benefits are still frozen. Basically your taxes are being raised without you knowing it. You pay more but donít get anymore benefits.

Call your Senators and Representative today and tell them to not mess with Social Security. (Dayton: 202-224-3244; Coleman: 202-224-5641) Protect the retirement future for yourself and your children/grandchildren.

James Heck
Forest Lake

Top of Page

©ECM Post Review

6448 Main Street
North Branch, MN 55056
Telephone: 651-674-7025
Fax: 651-674-7026
E-mail: editor.postreview@ecm-inc.com