Report: A 2008 retiree would have lost $26,000 under Bush-McCain style privatized Social Security.
By on Oct 16th, 2008 at 4:10 pm
Report: A 2008 retiree would have lost $26,000 under Bush-McCain style privatized Social Security.
A new Wonk Room analysis finds that that a retiree with a private Social Security account invested in stocks — along the lines of the plan envisioned by President Bush and supported by John McCain in 2005 — would have lost approximately $26,000 if he or she had retired on Oct. 1, 2008, after 35 years of contributions to such an account:
More details here.
View Most Popular
Advertisement
What We're About
What We're Fighting For
What We're Fighting Against
Featured
Subscribe to the Progress Report
Topic CloudView topics sorted by popularity
Beck
Birther
Brown
Budget
Bush
Business
Civil Rights
Congress
Corporate Ethics
DADT
Deficit
Economy
Education
Election
Environment
Ethics
Fox News
Global Warming
Haiti
Health Care
Immigration
International Relations
Iran
Justice
LGBT
Limbaugh
Lobbying
McCain
Media
Military
National Security
O'Keefe
Obama
Palin
Race
Radical Right
Robertson
Sports
Steele
Steve King
Stimulus
Tea Parties
Terrorism
Torture
Women's Rights
Visit Our Affiliated Sites
Reports
In-depth studies on select topics
Got a hot tip?
Have a hot news tip? We'd love to hear from you. Use the form below to send us the latest.
ArchivesBlog Roll
Report: A 2008 retiree would have lost $26,000 under Bush-McCain style privatized Social Security.»
– - PFFFFFFT, depends how much is in your retirement. Hell, In the last 4 months my retirement fund has lost $52K.
October 16th, 2008 at 4:17 pmBadmoodman,
When my husband left the construction company that he had worked for for 15 years in 200, his 401k had lost over 100K.
October 16th, 2008 at 4:24 pmMade us sick.
in 2004
October 16th, 2008 at 4:24 pmIs it me or are the Repugs the biggest scammers in existance today????? The snake oil salesmen still exists only this time WE THE AMERICAN PEOPLE WILL NOT STAND FOR THIS. Sure lets give our money to others who say they will invest for us….Oh right…Your taking my best interest at heart…how kind of you. PUCK OFF REPUGS!!! With your idea’s.
October 16th, 2008 at 4:27 pmWhere does this lost money GO!!! Who ends up with it???? Will someone answer that question for me please.
October 16th, 2008 at 4:28 pmI’m of the opinion that money does not get lost, it goes somewhere. It always goes somewhere.
October 16th, 2008 at 4:40 pmEveryone’s 401K has lost tens of thousands of dollars. And all John McSame wants to talk about is Ayers and ACORN. WTF?
I can see all those Repug votes, bending over, grabbing their ankles and pleading: “Please sir, may I have another?”
What are these people thinking?
October 16th, 2008 at 4:48 pmMy 401K is now a 301K…thanks, Wall St Greed merchants.
NOLIESPLEASE, I’ve been asking the same question; someone has the money. It is NOT lost, nor is it in the USA anymore.
I know we’re not to worship material things, but when the World operates on cash, it’s hard not to be angry.
October 16th, 2008 at 4:53 pmregular_joe Says:
I can tell you that at least some of them are starting to change thier minds.
In our local pharmacy the other day I raised this exact question: What if we had let bush privitize our social security.
The response was initally, “What, do you think social security will even be there”
My answer was that yes, it would if we could keep the republicans from stealing from the fund.
I also pointed out that socialism exists in our society now and everyone takes it for granted….
police
teachers
highways
education
etc.
It was like they had never put it together before. Seemed to be eye opening for several of them.
I also pointed out that social security had been the most sucessful program in American history, helping millions of Americans over the years and who among you doesn’t have someone who depends on it this very day……
I felt pretty good as I left but of course one of them had to say: I aint voting for no jigaboo…….I left angry but several of the other people followed me out to my truck and we discussed it at length….all in all a good day.
October 16th, 2008 at 4:56 pmYou people think you can retire?
That’s the problem, entitlement society. What’s next, social services? Gonna cry about it?
You’re supposed to eat lots of fat and get stressed out, watch reality TV and read at an 8th grade level, then have heart disease and pay everything for health insurance and out-of-pocket.
October 16th, 2008 at 5:05 pm/snark
The report cited is DEEPLY flawed. The author did not consider the effects of dividends OR dollar cost averaging. In essence, he considered buying a broad-base index fund in 1973, squandering the dividends for 35 years and selling it in 2008. In that very specific case, yes, the real return was only 2.4%.
HOWEVER, once you factor in dollar cost averaging and reinvesting dividends (like people investing for retirement do), you get a very different answer. The real return comes out to 6.55%, which is 3.55% higher than the “clawback” in the proposal to privatize Social Security.
Let’s see… 3.55% compounded over 35 years… that’s a lot of money.
October 17th, 2008 at 2:58 pmBedava Porno izle,
Ohh Thanks :)
March 31st, 2009 at 10:23 am