Bush's New Social Security Plan

This is the real deal folks.

Social Security (officially titled Old-Age, Disability, and Survivors Insurance -OASDI-) is the backbone of America's social policy. Due to the current makeup of the laws and the impending retirement of the "Baby Boomers", the generation coming out of the post-WWII years, the program will soon run a deficit. It will be impossible, or extremely damaging, to continue to maintain the Social Security program over the next couple decades. By the time I am eligible to recieve Social Security (65-20 = 45 years) the program is expected to fail its payment to me.

I present to you, with no strings attached, the one-hundred-percent certified, notorized and unaltered proposal that President George W. Bush of the United States of America is asking the Republican-headed Congress of the USA to vote into law.

H. R. 3304: Growing Real Ownership for Workers Act of 2005
http://www.theorator.com/bills109/hr3304.html

Congressional Budgeting Office's analysis of the proposed Social Security Plan
http://www.cbo.gov/showdoc.cfm...ex=6645&sequence=0

The Congressional Budgeting Office (CBO) is the U.S's accountant, it is in charge of assessing and often fixing the required rates of taxes, and government expenditures.

Social security taxes account for the largest amount of money paid to the government by the majority of American housholds. I lose about 10% of my income (and that is at the lowest possible income-bracket to be taxed) to Social Security. That money is immediatley being spent on the current senior citizens and used by the US government as a sort of cash-on-hand benefit that it can do what it pleases with until my time to retire comes. The fact that I (and every other U.S. citizen) pay into a program that needs to be altered is quite alarming, and that is my reason for presenting this news to you all.

Discuss if you will, but try to at least read some of the law and analysis before puffing up your opinion as anything incredible. Hot air fills balloons quite well, but it makes for boring conversation. I for one need a good time of thinking and looking this all over before forming anything close to a properly-informed personal opinion.

There are far more effects when and if the SS changes are brought into fruitation. It will not only affect senior citizens, but the "poor" as well. SS does not only cover the elderly, but it is also for the medicaid and medicare. As if the poor don't have it bad enough, now he wants to get rid of what little health insurance they can get. I realize that some people in this country are just lazy, but there ARE some people who are just "stuck" in poverty. Further, Bush ideally, wants us to invest our own income to create our own retirement fund (something in addition to the 401k and other IRA's). How? Well, he really likes the stock market for one. The problem that I have with this, as do many of my accounting professors is that the stock market is inconsistent.

So to all who care, these changes have far more affects than one may think. It does affect everyone in a way, but some moreso adversely.

Care to summarize the bullet points of that article? I've dealt with interpreting legal documents enough to know that there's usually about 2/3s semantic bullshit and 1/3 of actual useful information that is conveniently worded in a way that takes too much effort to interpret.