Yeah, you can stay with the old plan after the underpinnings of SS are eroded away to make room for the private accounts.
Noone will stay with the old plan simply because the government will no longer guarantee the same level of income after retirement. The income will drop to about 60% or less of what they have previously promised to pay out. And that is just the starting point. It goes down from there.
So there really is NO choice.
Bush's plan also destroys the most important part of SS, the insurance aspect of it. As it currently stands it is income for the elderly, a safety blanket for the disabled and widows/orphans.
The disabled and widows/orphans get especially screwed by the Bush plan because the effective savings that will have been accumulated by the point most of these people will need the money will be little to none, while SS would have guaranteed them something much more substantial.
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