Ah yes, they’re still trying to kill off Social Security. This new GOP bill would definitely affect the 55 and older group. Republicans are nothing if not consistent about misleading people, since their legislation invariably means the opposite of whatever it’s named:
Digby sounds the alarm:
[…] Under the bill, employees would be able to make tax free contributions to their SAFE account, and take tax-free distributions at retirement age. The bill would also allow employees to stay with the Social Security program if they wish.
Of course, what this would really do is remove money from the Social Security system right now, thus endangering the system for all older workers who will still be in the system 15 years from now. I’m beginning to wonder if my demographic group is going to be the guinea pig in a Soylent Green experiment. (Sure, they’ll eventually figure out that his whole thing is unworkable, but it will be too late for the last half of the baby boom.)
The problem isn’t with middle aged or older workers. They are in touch enough with life’s vagaries to sense their future vulnerability enough to probably opt in. It’s younger workers who believe they are going to live forever and that they are destined to be millionaires anyway who will drain the system. It’s not because they are bad people. It’s just that at that age you feel immortal.
I think the Democrat would be wise to inform the public of this proposal, however. People need to know. Especially all those who recently lost half their retirement savings in the financial meltdown of 2007.
