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The president said that he understood the problems involved in financing the transition, but noted that "the cost of doing nothing... is much greater than the cost of reforming the system today."
"We must show our leadership by strengthening Social Security for our children and our grandchildren. This is more than a problem to be solved; it is an opportunity to help millions of our fellow citizens find security and independence that comes from owning something…from ownership."
Originally posted by FredT
The plan would divert 2 percent of a workers parole tax into these accounts. The remainder, 4.2 percent, would go into the fund. Such a move would trigger a shortfall down the road of 2 Trillion dollars. The plan would also peg any increases to inflation and not wage growth. It does not address the shortfall.
Originally posted by jsobecky
I think you meant payroll tax, not parole tax, even though it sometimes it seems we are in our own private mortgage prison.