But your comments are making me adopt a wait-see attitude."
mbs: we don't have to try to read Moynihan's mind to know that individual accounts are a threat that should be resisted.
"What sort of tangible assets are you thinking of? And how do you think Moynihan et al will counter the idea of individual accounts vs a government trust fund?"
mbs: A Gov collective fund could hold bonds, stocks, state gov bonds, basically anything, the trick being to have a portfolio that carries an appropriate level of risk. The bigger the fund, the more diversification, the less necessary risk.
"I kind of hate to disagree with you but, as I see it, what is being proposed is a kind of 401(k) savings plan in place of a real pension."
mbs: that is true of individual accounts, which is what the Bushies are after. A collective fund would serve the same function as the Trust Fund. Benefits would be the same: a totally different operation.
"It ends Social Security by attrition, just as most (many) people will realize very little out of their 401(k)'s."
mbs: Individual accounts yes, a joint fund no. There is no huge gain from a joint fund that holds private sector assets. Perhaps a small gain from the higher returns and the greater political security.