Seriously?
Do you not remember that George W. Bush and Republicans floated this almost exactly? And what was the Democrat's response, with the high-pitched squeal of the corrupt MSM?
Over and over again Democrats used the focus group tested phrase that the Republican's SS plan was a "risky scheme". They used that exact phrase over and over again... and the attempt to fix SS was killed by skittish Republicans who ran freaked-out scared.
RE: Do you not remember that George W. Bush and Republicans floated this almost exactly? And what was the Democrat’s response, with the high-pitched squeal of the corrupt MSM?
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Yes, and I heartily approved of it then. Too bad, Dubya got distracted by the Iraq and Afghanistan war and finally by the mortgage crisis that weakened his bully pulpit. He had a good proposal but was not able to do anything.
This was his proposal _-— The accounts would be modeled on the Thrift Savings Plan — a 401-k type program that is already available to government employees — and centrally administered by the government.
Workers would have a choice of five broadly diversified index funds and a lifecycle fund, in which the portfolio grows more conservative as the investor nears retirement.
“We will make sure there are good options to protect your investments from sudden market swings on the eve of your retirement,” the president said in his SOTU speech.
Specifically, when a worker turns 47 the account will automatically be invested in the lifecycle fund unless the worker and his or her spouse sign a waiver opting out.
In terms of fees, the Social Security Administration estimates the administrative cost per account will be 0.3 percentage points.
Money in the accounts could not be taken out or borrowed before retirement. At retirement, it’s likely workers would have to annuitize a portion and only take out a lump sum if doing so would not result in the worker moving below the poverty line. Any unused portion of the account could be left to heirs.
I don’t see how the plan would not work now. After all, if it is good for Federal government workers, why not for everyone else?
I believe that is what I expressed, though in a different way. Perhaps you did not read the second half of my post?