This is a huge, huge deal. I only wish I understood it fully.
The WaPo article that broke the news is here.
Atrios has some groundbreaking posts about it, here and here.
Now, I don't consider myself to be dumb by any stretch, but nor do I believe that I'm the brightest economic mind in the world, by any stretch of the imagination. I'm an amateur who dabbles, and it usually takes a while for the higher concepts to sink in for me. So far, this one isn't sinking in. Is it really, really possible that they're talking about setting up a system that actually takes away some of the money from our private accounts? Are they really proposing a system that, when normal SS benefits and private account returns are taken together, still provides only half the income we would have gotten by simply staying with the first system? If this is really the case, then this is explosive. Unfortunately, I think somebody else is going to have to figure out a way to explain it to make the rest of us understand it.
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