On Sun, 06 Feb 2005 19:53:37 GMT, "Joseph Smith"
wrote:

What ever money the SS Administration makes will just be
spent by congress on pork barrel projects. Remember:
Social Security "withholdings" are a TAX. Taxes get
spent regardless of what their original purpose was for.
Years ago some one tried to sue to keep the Federal
Government from spending the annual Social Security surplusses,
but since these withholding are actually a Tax rather than
a withholding it was ruled (Supreme Court)that it is treated
like any other tax and can be spent by the government.

=================
Have to agree on that last statement.... The federal tax on your
telephone tax was enacted a ba-zillion years ago..when there was only
300 phones in New York City ... as a tempory tax yep tempoary is
such a good discription...

Anyhow (and I am not positive) Georgies' plan would allow individuals
to set 4 percent of their contributions (another good, discriptive
term) in securities...and the proposed types of investments are bonds
etc...

Since I am now 61 and have been retired since age 55 I do not know the
current figures...and do not yet collect SS ..

but the tax is or was almost 7 oercent on the first 90,000 of
earnings... or about 6300 bucks... if 4 percent of this is allowed to
be redirected into individual accounts (about 2-300 hundred bucks)
I do not see what all the fuss is about...

Of course things would double if your employer contributions (lol) are
also redirected... .

I most likely have "my facts" all screwed up and most likely I do BUT
I am sure the Democrats will straighten me out... I do know that I
never even figured SS into my retirement picture anything I get is a
bonus ..BUT my grand son is in deep crap right now...

Bob Griffiths