Anna,
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I'm just relieved that we didn't follow the GOP's dumbass suggestion and privatize social security.
And here I thought Democrats were for as many choices as possible when it came to things of an economic nature. Guess that only applies when they're lying to the idiots who believe the lie that is a "public option".
Anna you should also look at Galveston TX who opted out of social security.
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Galveston vs. Social Security. Upon retirement after 30 years, and assuming a 5 percent rate of return - more conservative than Galveston workers have earned - all workers would do better for the same contribution as Social Security:
Workers making $17,000 a year are expected to receive about 50 percent more per month on our alternative plan than on Social Security - $1,036 instead of $683. [See the Figure.]
Workers making $26,000 a year will make almost double Social Security's return - $1,500 instead of $853.
Workers making $51,000 a year will get $3,103 instead of $1,368.
Workers making $75,000 or more will nearly triple Social Security - $4,540 instead of $1,645.
Galveston County's survivorship benefits pay four times a worker's annual salary - a minimum of $75,000 to a maximum $215,000 - versus Social Security, which forces widows to wait until age 60 to qualify for benefits, or provides 75 percent of a worker's salary for school-age children.
In Galveston, if the worker dies before retirement, the survivors receive not only the full survivorship but get generous accidental death benefits, too. Galveston County's disability benefit also pays more: 60 percent of an individual's salary, better than Social Security's.
http://www.ncpa.org/pub/ba514/
Here's where you have to put on your thinking cap and come to the realization that social security is a rip off and a horrible plan.