I confess, I had not realized that there was an existing model for Social Security privatization right here in Texas. If the Chron ever wrote about it, I flat out missed it. I find it interesting that none of the people quoted who are actually receiving payments from this plan say they did better off than they would have under Social Security. Read it yourself and see. Via The Stakeholder.
Posted by Charles Kuffner on February 18, 2005 to National news | TrackBackNote that the Galveston plan involves a tax increase to produce lower benefits for the lower and middle range workers. Not so far from the Bush model: keep the taxes the same, but give reduced benefits.
Also note that its biggest (and only quoted) booster is the guy who makes a lot of money on it. Are you gonna believe the guy who lives off the system or the people who are getting the "benefits?"
Posted by: David in NY on February 18, 2005 4:06 PMIt's been around for quite a while, the county employees (because state and local employees aren't covered by Social Security) get their private accounts.
Posted by: Jim Dallas on February 18, 2005 5:36 PMIncidentally, Kuff, please don't title posts "the Galveston option" when it's football season, because I'm likely to get really confused.
At least when I was at Ball High the varsity squad ran the option like every damn play.
Posted by: Jim D on February 18, 2005 6:03 PM