Max,
I fully agree that the private accounts may
turn out to be a complete disaster for those
getting them. It is kind of amazing that this
shit is selling so well. Maybe the Dems will
still be able to filibuster it in the Senate, even
with a full Repub sweep tomorrow.
Barkley
-----Original Message-----
From: Max Sawicky <[EMAIL PROTECTED]>
To: [EMAIL PROTECTED] <[EMAIL PROTECTED]>
Date: Monday, November 06, 2000 12:27 PM
Subject: [PEN-L:4027] RE: Re: Re: voting for Nader
>. . .
> Actually, I think the people who will get
>screwed by the Bush s-s plan will be those
>in their 40s. Current oldsters will not have
>their bennies cut, and those sufficiently young
>will get their private accounts and avoid paying
>high s-s taxes.
>
>
>I agree current and near retirees are not in much
>danger under the Bush plan. But I think the fate
>of young workers is completely up in the air. If
>the long-term projections are right (which I
>dispute), the private accounts to not avert extreme
>financial distress around 2050 or so. If they are
>wrong, the private accounts returns are still eaten
>up by transaction costs and annuity conversion costs,
>among other threats. If that Yale guy is right about
>market overvaluation, there will hardly be any
>positive returns.
>
>mbs
>
>
