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Even in the trustees' pessimistic projections, real wages will rise 1. people searches Social security number format. 1 percent per year, making a tax increase of 0. 02 percent a tiny price to pay to assure workers full benefits while they are living longer. * Citing annual stock market gains of 7 percent over the last 75 years, many claim that workers could get much higher returns than the system now provides by investing their Social Security contributions themselves. people searches Free access to personal and police records. This is wrong, for the following reasons: -- If the projected growth rate of the economy declines by half, as the Social Security trustees assume, the projected returns from the stock market must also decline. A stock market consistent with the Social Security projections would generate a return of about 3. 5 percent. people searches Ill be missing you music video. The management fees for administering private accounts are estimated by the President's Advisory Council on Social Security to come to 1 percent of the accounts' value, bringing us to a typical return for a privatized account of about 2. 5 percent. -- Current contributions support current retirees. If contributions are diverted to private investment accounts, taxes will have to be raised or other government benefits cut in order to pay for current benefits. -- Investing in the stock market is risky, and many workers would not see average returns. In addition, there is a potential for fraud and abuse, as well as the added costs of a new bureaucracy to administer a system, involving tens of millions of small accounts. HOW TO TAKE CARE OF SOCIAL SECURITYRICHARD Du BOFF, Professor of Economics at Bryn Mawr College: "If no changes are made in the structure of Social Security taxes and benefits, the system will still be able to pay 75 percent of Social Security retirement benefits due in the year 2032. This potential gap can be closed by small adjustments in taxes and benefits phased in over the next 34 years. And this scenario is based on the pessimistic assumption that U. S. economic growth over the next 75 years will be less than half of our historical rate of 3 percent per year. A ready solution to the Social Security financing problem is at hand: taking the cap off earned income subject to FICA taxes. Currently, FICA taxes of 6. 2 percent are applied to earned incomes up to $68,400 -- meaning, for example, that Bill Gates probably stops paying FICA taxes sometime during the first week of January. Extending the tax to all incomes without limit would do the trick. "THE REVIEW LISTTop Things the MediaWon't Tell YouAbout Social Security-- The projection of bankruptcy is based on the assumption of recession-level growth rates -- less than half the average for the past 75 years. -- If this projection is correct, calculates Doug Henwood of the Left Business Observer, and if the projection of privatized returns in the stock market is also correct, then stock P/Es in the year 2075 would be at least 178 as opposed to 26 today and half that in the past. In other words, the Social Security hustlers are predicting economic gloom for the trust fund but a boom for the market. -- The SS trustees have steadily lowered their projections of growth. Henwood points out that the trustee's most optimistic projection in 1998 matches their most pessimistic one in 1981.
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