January 6, 2007: Headlines: COS - Somalia: Social Security: The Post Cresecent: Reps. Tom Petri has a proposal to bolster the finances of Social Security that is less-drastic to the future benefit cuts pitched by the Bush administration
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January 6, 2007: Headlines: COS - Somalia: Social Security: The Post Cresecent: Reps. Tom Petri has a proposal to bolster the finances of Social Security that is less-drastic to the future benefit cuts pitched by the Bush administration
Reps. Tom Petri has a proposal to bolster the finances of Social Security that is less-drastic to the future benefit cuts pitched by the Bush administration
Reps. Tom Petri has a proposal to bolster the finances of Social Security that is less-drastic to the future benefit cuts pitched by the Bush administration
Social Security options offered
Petri, Obey plans seek to avoid cuts in future benefits
By Brian Tumulty
P-C Washington bureau
WASHINGTON — Wisconsin Reps. Tom Petri and David Obey have separate proposals to bolster the finances of Social Security that are less-drastic alternatives to the future benefit cuts pitched by the Bush administration.
The White House is considering a plan that would link annual benefit increases to the consumer price index instead of wage increases — a move that gradually reduces future benefits.
If implemented in 2009, that change would reduce future benefits by less than a percentage point in 2012 for a middle-income earner, according to a memorandum by the Social Security Administration’s chief actuary. But the reduction would grow to 9.9 percent in 2022, 18.2 percent in 2032 and 25.7 percent in 2042.
By 2075, the reduction would reach 45.9 percent. Instead of a monthly benefit of $2,032, an age 65 retiree would receive $1,615.
Although the dollar amount of benefits would continue to rise each year, it would be at a slower rate. That’s because wages have been rising faster than inflation as the standard of living increases.
White House spokesman Scott McClellan stressed earlier this week that President Bush hasn’t made a decision yet on a specific proposal.
“There are a number of ideas presented in the form of legislation, a number of ideas presented by members of Congress on how we can move forward on it,” McClellan said. “We’re talking to them about all those ideas.”
[Excerpt]
Petri, R-Fond du Lac, has a proposal that would require the federal government to place $1,000 in a personal retirement account for each newborn child. The plan, which would cost about $4 billion annually if there are 4 million births, would allow parents to invest that money on behalf of their children in the Federal Thrift Savings plan currently available to federal employees.
“All we propose is that no one would be able to touch the money in that account except under the terms you would be able to be eligible under the Social Security system,” said Petri, estimating that the original $1,000 would grow to around $80,000 or $90,000. “After 65 years the Social Security system would be in surplus.”
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Story Source: The Post Cresecent
This story has been posted in the following forums: : Headlines; COS - Somalia; Social Security
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