Quote:
Originally posted by jyl
Personally, I'd love to see SS private accounts
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While private accounts are the most contentious issue of SS 'reform', I still don't know much about how they would work. One side claims there would be a huge windfall for the Wall Street types (which seems to make sense) there are also information pieces out there that say the Wall Street guys wouldn't make anything at all.
One thing does appear to be certain: private accounts would not
fix SS, because the actual problem is there are not enough new recruits at the bottom of the Ponzi scheme to feed those at the top. I view SS as more of an extension of the income tax.
I think a simple way to handle the private accounts issue would be a massive bump in the IRA contribution limit. Instead of sucking 15% of my check to the dubious SS system, perhaps let me put that 15% up to $90k in an IRA, or an account like an IRA.