"Voluntary personal retirement accounts." OK – let’s see if he fesses up to how much this will cost.
Diverting "4 percentage points of their payroll taxes" to private accounts. Can anyone figure out the math on that? We pay 6.2% of our income to social security, but that’s not the same as the "percentage points." Honestly, I have no idea what this means.
NOT A WORD on how to make up for the shortfall in current benefits that will be created when workers start diverting money into private accounts. A HUGE lie by omission.
Please share widely!
4 percentage points out of 6.2% would translate to 64.5% of your Social Security deduction going to the new accounts. Only 35.5% of what you currently send to Social Security would continue to go there; the rest goes into the pirate accounts (and no, that’s not a typo).