The Babe Theory Of Political Movements.
Mar. 21, 2005 11:50 AM
Iran's Sham Election In Houston.
June 20, 2005 5:36 AM
Yes, Kanye, Bush Does Care.
Oct. 31, 2005 12:41 AM
Health Care vs. Wealth Care.
Nov. 23, 2005 3:28 PM
Americans Voting With Their Feet.
Nov. 30, 2005 1:33 PM
Idea Majorities Matter.
May 12, 2006 6:15 PM
Twilight Zone Economics.
Oct. 17, 2006 12:30 AM
The "Shrinking" Middle Class.
Dec. 13, 2006 1:01 PM
From Ashes, GOP Opportunities.
Dec. 18, 2006 6:37 PM
Battle Between Entitlements & Pork.
Dec. 21, 2006 12:31 PM
Let Economic Freedom Reign.
Dec. 22, 2006 10:22 PM
Biggest Health Care Moment In Decades.
July 25, 2007 4:32 PM
Unions Antithetical to Liberty.
May 28, 2008 11:12 PM
Right To Work States Rock.
June 9, 2008 12:25 PM
Social Security Reform Thursday.
March 13, 2008
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The Carnival Of Classiness.
Mar. 14, 2006
Quotational Therapy: Obama.
Apr. 4, 2008
Mainstream Melee: Wolfowitz.
May 19, 2007
Pundit Roundtable: Leaks.
July 9, 2006
A WILLisms.com(ic), by Ken McCracken
July 14, 2006
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Galveston, Texas: Social Security Reform's Living Laboratory.
Investor's Business Daily (via the Club For Growth blog) explains the case of Galveston, Texas, and its successful experimentation with Social Security reform:
For 24 years, three Texas counties have been a living lab for President Bush's proposal, and so far the experiment is working.
...contributions are essentially loaned to a top-rated financial institution for a guaranteed interest rate. Employees bear virtually no risk. They get their money, plus interest, whether the stock market goes up or down.
Workers in Galveston contribute 9.7 percentage points of their payroll tax to retirement savings. The company that manages the Alternate Plan, First Financial Benefits of Houston, pools the money from all of the employees and loans it to a top-rated financial institution for a guaranteed interest rate. Those rates have varied from about 5 percent up to 15.5 percent, but average in the 7.5 percent to 8 percent range.
How the funds are broken down:
Galveston employees contribute 6.13 percent of their income while the county pays 7.785 percent (though it only has to pay 6.2 percent). The combined 13.915 percent is dispersed as follows:
In 1983, Congress removed the provision letting municipalities opt out.
Bill Cotterell, of the Tallahassee Democrat (via Andrew Roth of Social Security Choice), explains why Congress removed the provision:
The only time I've wanted to argue with somebody I was interviewing was when President Ford sent some high-level Social Security administrators to a public forum in Atlanta.
IPI offers this comparison between Galveston's Alternate Plan and Social Security (click for larger version):
Galveston's example, though, is proof that Social Security reform, under free market principles, can work.
Posted by Will Franklin · 7 April 2005 01:22 PM
You might be amused at how a study commissioned by congressional Democrats opposing Social Security reform instead produced results supporting PRAs, even under their skewed assumptions.
But you might fall down laughing when you read how they're trying to spin the results....
Posted by: Ironman at April 8, 2005 12:11 PM
I like how you have the Galveston concept! I wish we could do something to persuade Democrats in Congress to stop opposing and start refoming! I wonder if they are somehow attached to Social Security for nostalgic reasons? Maybe because they are so fond of
Posted by: Buffy at April 11, 2005 11:26 AM