A friend brough the following article to my attention this morning. To summarize, it says that personal accounts wouldn’t really be personal – workers would only get to keep earnings above inflation adjusted 3%. The first 3% of earnings would be given to the federal government. The workers who choose this system would also get the guaranteed benefits of traditional SS.
Can someone please explain what’s really going on here? I’ve read a good deal about SS Reform – mostly from CATO – and this is the first I’ve heard about this. Information, please!
