What's the status on private accounts?

The Kin · Aug 8, 2005

According to the OMB, it looks like private accounts will begin in 2009. Hurray!

The fair tax comes with the added bonus of eliminating hundreds of thousands of jobs on accountants and lawyers who do everything within their power to cheat the income tax system. More efficiency equals higher profits.

winter · Aug 8, 2005

Quote from The Kin:

According to the OMB, it looks like private accounts will begin in 2009. Hurray!

What have you been smoking? Link please.

The Kin · Aug 8, 2005

Go to the OMB website and read it for yourself. In 2009, hundreds of billions are directed towards "Private Accounts" in their projections.

winter · Aug 8, 2005

Quote from The Kin:

Go to the OMB website and read it for yourself. In 2009, hundreds of billions are directed towards "Private Accounts" in their projections.

OMB does lots of projections based on different proposals to evaluate their effects - doesn't mean that the proposals are actually going to be enacted.

The Kin · Aug 8, 2005

Quote from winter:

OMB does lots of projections based on different proposals to evaluate their effects - doesn't mean that the proposals are actually going to be enacted.

It's part of their official budget estimates. If private accounts do not go though than the budget projections will have to be revised for those years.

Social Security is going broke anyway and no amount of money will fix it along with medicare/medicaid.

murray t turtle · Aug 9, 2005

Quote from The Kin:

Go to the OMB website and read it for yourself. In 2009, hundreds of billions are directed towards "Private Accounts" in their projections.

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Like to find that out thru experience;
it has worked real well for Chile,for years.

drsteph · Aug 10, 2005

Most pundits feel that Bush's initiative for private accounts is dead in the water. With supreme court nominations coming up and low popularity ratings in the polls, he is not likely to push too hard on this right now.

Interestingly, if we have a run up in equities, mom & pop america might start clamoring loudly for this, generally right at the top.

winter · Aug 10, 2005

Quote from drsteph:

Most pundits feel that Bush's initiative for private accounts is dead in the water.

Shhhh dont tell T.K. this, he thinks its a done deal.

The Kin · Aug 12, 2005

Quote from winter:

Shhhh dont tell T.K. this, he thinks its a done deal.

All I'm saying is Ponzi shemes always fail. SS and Medicare are on its last leg and change is needed.

AFterburner · Aug 13, 2005

Quote from The Kin:

All I'm saying is Ponzi shemes always fail. SS and Medicare are on its last leg and change is needed.

First of all, Social Security is NOT a Ponzi scheme. Ponzi schemes involve unsustainable leverage and outrageous investment returns. Social Security is able to provide a completely legitimate investment return through the natural growth of wages.

Read this for more information:

http://www.pactamerica.com/wageswap.htm

To answer your original question, if the President's plan for private accounts is approved, the program will not begin until 2009. In other words, 2009 is the scheduled start date.