Thursday, February 03, 2005

Means Testing vs. Personal Accounts 

Micky Kaus says that if we do means testing for benefits, then Social Security wouldn't need personal accounts because that's the largest and only fix that's needed. But what is "means testing" but a decision not to pay out to those who can get by without the money? In other words, a decision not to pay out to a large portion of the people who paid in. In other words, "means testing" is a straight 14% tax on the wealthy to pay for the retirement of the poor.

I've been of the opinion for a long time that I can't count on social security, but I haven't made the leap from that to the idea of being locked out and yet still forced to pay in. I'm saving for my retirement & hope to be able to get by without social security -- that would be a lot easier if I could opt out now and move my social security tax into my retirement fund.

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