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I just finished reading Al Levit's article on Social Security at

WilliamLipp said:
Al seems to be proposing a gradual transition to a system of personal investments plus a low level welfare benefit. Sound Foolish to me.

aq67sceb Date: 3/11/99 10:52 AM Number: 9065
Except for the part about discouraging personal investments in the short term by taking away the benefits of those who were Foolish and invested for themselves.

I assume you mean Step 2, "Means Testing?" In the long run I assume the "minimal SS benefit" is essentially a welfare plan, so means testing shouldn't be a problem then. Perhaps some serious attention is needed for the "gradual transition" phase.

I'm actually more worried about Step 3, "Tax all income." But with about 40% going directly into individual investment plans, I think I could stomach it.
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