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good for Galveston County - good for this Country

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I've often wondered ...

In reply to: good for Galveston County - good for this Country

... if one of our premier Bush critics here, and most fervent of private account opponents, hasn't all along been taking advantage of the Galveston County opt out. Could it be that he's looking towards a secure future himself, so it doesn't matter that others are forced to face an uncertain future?

Evie Happy

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Question for Evie. The NASDAQ peaked in 2000 at over 5000.

In reply to: I've often wondered ...

Since then we've had the made in the Bushes recessions and the NASDAQ has only recently crept above 2000. What would have happened to all that pension money had it been invested in the stock market then? And what's to stop it happening again and again and again. My wife's pension money went into the market in late 2001, the market tanked, and it has only recently recovered 40% of its value. Had we left it where it was we'd be up by from 20% to 30% rather than down by 60%.

I still can't see privatization as anything but a shell game with the fund managers switching the shells and collecting fees everytime they make a motion of the hands.

Rob Boyter

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Take a look at ...

In reply to: Question for Evie. The NASDAQ peaked in 2000 at over 5000.

... the returns on the Thrift Savings Plan funds:
Historical Performance of TSP funds.

If you put your wife's pension money all in one basket I feel sorry for you. And the notion that folks are oging to be gambling in the stock market is just an absurd red herring.

Private accounts are the LOCK BOX that Gore touted in 2000. I hope they go through. Those that prefer government make their choices for them can remain in the system.

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(NT) (NT) why do you worry your not involved

In reply to: Question for Evie. The NASDAQ peaked in 2000 at over 5000.

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What would have happened...

In reply to: Question for Evie. The NASDAQ peaked in 2000 at over 5000.

What would have happened depends on how you invested in the stock market.
My parents invested some of their "nest egg" in the market, and although it was down for a while they still own the stocks and they still throw dividends. They did quite reasonably, and the quarterly dividends keep coming in.

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The myth of the great Galveston Plan

In reply to: good for Galveston County - good for this Country

Hi, K.

Those numbers are highly suspect. For one thing, they don't take the inflation indexing of SS benefits into account. They look at the amount someone makes on the day they retire; in the Galveston plan, that number is fixed until the retiree dies, so the benefits are continually eroded by inflation, while the SS benefits are adjusted annually for the CPI increase (though Bush would like to stop that and adjust them to the wage increase levels, which over the last 10-15 years have consistently failed to keep up with inflation, for the first time since the Great Depression). After 20 years, the SS benefits are higher even using Holbrook's numbers. Secondly, the numbers cited assume a very long work-life; the SS benefits are based on a certain number of years working (30?), while (as I recall from a discussion in the local paper) the Galveston numbers for low-wage workers are based on someone starting to work right after high school (around age 18) and retiring at 65. Since much of the calculated increased benefit is due to "the miracle of compounding," the number of working years assumed is very important to the final comparison. Someone who worked for Galveston County for 30 years or less would do better on SS -- in fact, calculations show that only the highest-paid county employees are better off for having worked under Galveston County's system than had they stayed in SS, because the system has only been in place for 24 years, which isn't long enough for compounding to make up the difference! I wish I had links for this, but I've been unable to find them.

-- Dave K, Speakeasy Moderator (and Galveston resident)
click here to email semods4@yahoo.com

The opinions expressed above are my own,
and do not necessarily reflect those of CNET!

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I still see more Pros than Cons

In reply to: The myth of the great Galveston Plan

The USAtoday article points out that many of those work pulled money under the hardship plan. I am sure some of the workers that pulled some of the money out had good reasons. That in itself was nice considering now you don?t have that option. Only 401?s have that options. Also the numbers are if you have 1.00 at 10 percent and 100 at 10 percent of the two will grow much faster. I understand that and I also believe it fair.
I personally would like to see the numbers from 83 until that Thursday in October of 87 to look at the effect of the drop and time of recover, removing the 90?s peeks.

Another example;
Newman disputes Hutchins? criticism, saying the plan after 10 years of existence probably began outperforming Social Security. He said he knew of no instance in which a county retiree would have done better under Social Security.
This would be the time of 81 thru 91 which included 87 crash. I want to see the numbers.

I would also like to see the numbers in Brazoria County workers since 1998 have had the option to invest a portion of their contributions in the stock market. Newman said he knew of no employees who lost when the stock market plummeted between 2000 and 2003.

Also the more I read on the Pro and Cons, I have to say I see more Pros than Cons.

Galveston County The Daily News

AARP wrong on Social Security
http://galvestondailynews.com/story.lasso?ewcd=e58cc00bf7a49636

Bush?s plan brings scrutiny to county
http://galvestondailynews.com/story.lasso?ewcd=824005a22f5f8432

A secure proposal for retirement?
http://galvestondailynews.com/story.lasso?ewcd=9d3e73d672c6c0ec

I like this article
Kempner?s speech just political spin
http://galvestondailynews.com/story.lasso?ewcd=8d3c7c29e49ac432

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