Wednesday, January 26, 2005

Personal accounts won’t work? They’ve been fine for federal workers

Lost in all the debate and disparagement of personal savings accounts for Social Security is this salient fact: federal employees have prospered under a program very similar to the reform that President Bush is proposing. Pete Dupont reviews “The New New Deal” on Opinion Journal:

There already is a model for such a reform, the Thrift Savings Plan, or TSP, for federal employees. It allows them to contribute up to $12,000 into a personal account they own and control. Employees can chose from five different funds: government bonds, a fixed-income fund, a common stock fund, international investments and a small-cap stock-investment fund--or a mixture of them. Today, nearly 3.5 million federal employees participate, and the fund's value is more than $120 billion. No one has lost his shirt, and participants own real assets for their retirement.
Ownership of assets!?!” harrumphs the AARP and now the AFL-CIO. Heresy!

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