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AROUND THE WEB
New York Times
June 18, 2002
Opponents of President Bush's plan to create personal investment accounts within Social Security released a report today concluding that the administration's approach would lead to deep cuts in retirement benefits and still require trillions of dollars in additional financing to keep the system solvent.
The report, by Peter A. Diamond, an economics professor at the Massachusetts Institute of Technology, and Peter R. Orszag, a senior fellow at the Brookings Institution...
...The report concluded that...monthly benefits...would be well below benefits promised under current law even after taking account of the returns from a personal investment account...
Under one of the commission's proposals, the report said, total benefits would be 10 percent below current-law benefits for low-income people, 21 percent below current-law benefits for middle-income people and 25 percent below current-law benefits for upper income people.
Under the other proposal, the reductions in total benefits would range from 21 percent to 27 percent, and would be even larger if adjusted for the risk of investing in the stock market, the report said. The benefit reductions would be smaller for people who reach retirement age in the next three or four decades...
Also see:
Center on Budget and Policies report (pdf) html summary of report
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