deep
Blue Crack Addict
Bush suggested allowing individuals to invest up to TWO percent of their Social Security payroll taxes in privately controlled equity accounts. Wow that is so radical! That means the government would have only been allowed to control 98 percent--instead of 100 percent--of our social security funds. We wouldn't want that now would we?
2% really ?
The president plans to ask Congress to allow younger Americans to put at least one-third of the 6.2 percent payroll tax into private accounts, which will offer a set number of investment options similar to the thrift savings plans provided to federal workers. The administration has also signaled that it will propose changing the formula that sets initial Social Security benefit levels, cutting promised benefits by nearly a third in the coming decades.
With resistance hardening among congressional Republicans, the White House is escalating efforts to get Social Security restructured this year. There will be campaign-style events to win support and precision targeting of districts where lawmakers could face reelection difficulties. As Republicans signaled earlier, they have begun hard-hitting television ads to discredit opponents and prop up the Bush plan.
1/3 of 6.2 % is about 2 %
1/3 does not equal 1/50 or 2% (2/100)
A starting point is a plan proposed by a presidential commission in 2001 that would divert 2% of workers' payroll taxes into private accounts. The remaining 4.2% — and the Social Security taxes employers pay — would go into the system, helping fund benefits for current retirees. That leaves a shortfall of at least $2 trillion to continue funding benefits for those current retirees.
Social Security Push to Tap the GOP Faithful (washingtonpost.com)
Is that what he wanted though?
yes, he, Dick Cheney, and Rove wanted to privatized SS. Absolutely.
Bush moves to privatize Social Security