Saturday, March 12, 2005

 

An Interesting Take On Social Security

Paul O' Neill, former Secretary of the Treasury, has this proposal:

And the way to do that is on the day that a child is born, we, the American people, put $2,000 into an account in their name. And every year for the next 18 years, we put in another $2,000, and with the six percent interest rate, when they get to be 18, that account would have $65,000. And if left to accumulate to retirement at 65, it would be worth over $1 million.

I'm not sure that it's perfect or anything, but it's sure interesting.

I'd recommend reading the rest of the interview as well - Mr. O' Neill has some interesting perspective on the tax cuts and the president in general.

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