Word: planned
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Dates: during 1970-1979
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...Gore also proposes what he calls "retirement savings plus": a plan for voluntary, tax-free savings accounts similar to 401(k)s that can be used to supplement Social Security. Workers who earn as much as $100,000 a year will receive federal matching funds (in the form of tax credits) of as much as $1,500 a year...
...check is in the mail The Gore plan only delays the impending bankruptcy of the program; it doesn't solve it. Even if Gore gets the country through the retirement of the baby boomers, the cost of Social Security will continue to rise (because people are living longer), forcing what may be more painful reforms the next time around...
...revenue raid Transferring interest savings to Social Security doesn't change the basic equation: More and more government revenues will still need to be devoted to the retirement of the elderly. Gore increases the percentage of the budget devoted to retirement with his "retirement savings plus" plan (which will cost between $200 billion and $620 billion over the next 10 years). Is it worth annually spending nearly a third of the national budget on Social Security to extend the program's life for only 17 years...
...move toward privatization does not have to be all or nothing. In recent years leading thinkers from both parties have proposed a combination of the Bush and Gore plans: establish a high guaranteed minimum-benefit level that keeps seniors from falling into poverty, gradually raise the retirement age to 70 (which could cut the program's projected deficit by two thirds) and allow workers to invest a sixth of their payroll taxes, as well as additional voluntary contributions (possibly matched by government dollars), in low-risk stock or bond funds. Such a plan, says Donald Marron, CEO of Paine Webber...
...gets the picture from the sample above: "Her first eight years in Washington." As if she had just spent eight years in elected office. Did she? My recollection is that she presided incompetently over a grandiose health plan that failed, and then did First Lady chores (changing all those sheets in the Lincoln bedroom) until forced to endure, in a stoic rage, the sleazy business her husband got into. In the nick of time, she moved to New York before the filing deadline...