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Author: frankwomble One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76398  
Subject: Re: Social Security Tax Date: 8/26/2003 3:21 PM
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Being somewhat of a cynic, I don't think privatization of SS accounts that could be managed by the taxee are in our near future. Because:

1. People don't, can't or don't want to understand the SS system
2. There is a 'head-in-the-sand' mentality for many
3. Our politicians are short-sighted and cowardly
4. As whiteben alluded in his post, current entitlements of retirees or those close to retirement age would have to be guaranteed to avoid political suicide.

I would like to see the system changed or at least partially privatized, but I don't think it will be.

Here's the scary part: take a close look at your SS annual statement and see what is says about when the SS system will have less than it needs to meet projected payouts.

If we don't force our politicians to get their act together, you can certainly count on: increased SS taxes, increased retirement ages, and reduced SS benefits in the future. The demographic train wreck is coming whether we like it or not.
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