Abolishing Social Security and what I heard

There is “Abolishing Social Security” and there is “Modifying Social Security”.

When the idea of doing something to ensure the future life of Social Security came up during the Bush administration, I thought the idea novel and innovative.

Employers were to designate a portion of their Social Security Tax money (FICA) to go into a separate stock fund to be pampered until their retirement. The employer could designate 1%, 5% or any portion desired that would be put into a Wall Street fund of your own choosing and upon your retirement, if the fund did well, you would reap the benefits. However, if your designated fund did not do well, you will not have lost all of your Social Security benefits.

That was my understanding how America was going to approach and solve its projected Social Security dilemma.

While this model was being bantered about during the Bush administration, the Stock Market did its crazy things at which time people felt differently about putting any portions of their Social Security money into Wall Street accounts and the particular plan I have articulated was abandoned. There maybe a new and improved plan media is talking about now. I does not know. All I know is what I be told. (Smile)
As always,
BB