Reply #21: It's a scheme to get private savings into corporate hands.

[BillZBubb]

The brokers are going to love this! They will collect fees from saps who watch their retirement money dribble away. The accounts just won't be large enough to generate real returns necessary to beat the GUARANTEED Social Security return after transaction costs and fees for most people.

If you like the logic of the Repug plan, it surely follows that Social Security should be totally phased out. Why not end the taxation for Social Security entirely and allow people to put 100% of that money into a private account? You can bet once they get this first phase entrenched, that will be next.

The sad thing is given the market's performance during four years of the Chimperor, that people would seriously consider this. What have been the real returns on the DJIA and S&P 500 over that period?