Tuesday, January 04, 2005

Where is is written that anyone who reports on Social Security has to be a complete moron?

WASHINGTON (AP) - The Bush administration is focusing on a Social Security proposal that would allow younger workers to invest up to 4 percent of their payroll taxes in private accounts, with contributions limited to about $1,000 to $1,300 a year, an official said Tuesday.

OK, ladies and gentlemen of the press, let me walk this one past you real slow-like.

The maximum FICA payroll tax for 2004 was roughly $5500. If Boy Blunder was proposing what AP reported (a cap of 4% of payroll taxes), that would be about $220 a year, and no one would give a rat's ass one way or the other. The Robber Baron in Chief seems to be proposing 4% of FICA salary for privatization -- which is roughly two-thirds of the employee portion of payroll taxes.

There. That wasn't so hard, was it? Now I will sleep soundly, knowing you are out there protecting my interests with your zealous search for the truth.


Anonymous Anonymous said...

why do you hate america?
concerned con.

1:26 AM  
Blogger RIposte said...

Of course, proponents of reform are going to be using lots of smoke and mirrors to suck money out of the wallets of the middle class and slipping it into the pockets of the wealthy. It would be nice if the sheep in the press weren't so easily duped by the "magic."

5:02 AM  

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