Social Security accounts: So that's how they'd work..

percentage of Amercians (usually younger) who think maybe they could see their way to supporting Bush-style private Social Security accounts: 43.7%

percentage of Americans who understand that the White House proposal, as finally outlined in background briefings yesterday, would actually require them to return to the government most of the money in these accounts when they retire -- instead of keeping it: 0.00 %

I sure as hell didn't know that. If the Dems can't beat this one, they should hang it up.

from The Note:
More from Jonathan Weisman's absolute must-read on the specifics of the White House Social Security plan, including exactly how those personal accounts and the money would work — that workers would receive dividends exceeding the inflation-adjusted 3 percent interest rate, and not the whole balance. The nest-egg-vs.-loan difference is absolutely crucial.

from Weisman's story:
http://www.washingtonpost.com/wp-dyn/articles/A59136-2005Feb2.html

"Under the White House Social Security plan, workers who opt to divert some of their payroll taxes into individual accounts would ultimately get to keep only the investment returns that exceed the rate of return that the money would have accrued in the traditional system . . . "

"If a worker sets aside $1,000 a year for 40 years, and earns 4 percent annually on investments, the account would grow to $99,800 in today's dollars, but the government would keep $78,700 — or about 80 percent of the account. The remainder, $21,100, would be the worker's."

... Jesus!