12.09.2004 | Bush is destroying Social Security

At least if I'm reading this Associated Press article right:

Bush reiterated a 2000 campaign pledge to let younger workers invest some of their payroll taxes in the stock market. Bush's commission urged that younger Americans be allowed to place 1 to 4 percent of their income into a private account to be invested in the stock market for retirement. Promised benefits would be reduced for younger workers, with investments expected to make up the difference. Workers who chose not to invest would get the reduced benefit alone.

This means we're going to be forced to risk our money in the stock market if we don't want a reduction in Social Security benefits -- and the stock market crash of 1929 is what Social Security was meant to insure against in the future. I really don't like the sound of this. It seems we are ignoring the lesson of past generations.



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