Americans could have easily shifted to private retirement accounts. Unfortunately they chose the Bush tax cuts and budget plans, including a 55% increase in other spending. Over 10 years, Mr. Bush--even using the latest Office of Management and Budget projections through 2012--will miss his budget targets by 8 to 9 trillion dollars.More than enough to secure SS and begin funding some kind of private retirement accounts.So looking who to blame for no private retirement accounts? Mr. Bush, and the Republicans. Simple as that. The people who say they want private retirement accounts destroyed any chance of private retirement accounts.In the meantime, the Canadians just to the north got on with it--no insane budgets and tax cuts. Every time you see another whiny post by some hack Republican so-called "conservative", remember--they destroyed any chance you ever had to see private retirement accounts......The facts are that the CPP was successfully reformed in 1997 and is sound and sustainable for at least the next 75 years, according to the Chief Actuary of Canada. In addition, the CPP fund, which currently stands at $110 billion, is being prudently invested to help sustain the future pensions of 16 million Canadians. Moreover, the Chief Actuary's latest report predicts that the CPP fund will grow to $250 billion by 2016 and that the first dollar of the fund's investment earnings will not be needed to help pay pensions for another 15 years. The majority of Canadians are still not aware of this good news about their national pension plan. And confusion created by the “pension fog” does not help.... http://www.cppib.ca/News_Room/In_The_News/news02080701.html
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