I just finished reading Al Levit's article on Social Security at http://www.fool.com/Features/1998/sp981019SocialSecurity.htm 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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