Thread: WaPo corrects SocSec story

The original story (available here) should have made clear that, under the proposal, workers who opt to invest in the new private accounts would lose a proportionate share of their guaranteed payment from Social Security plus interest. They should be able to recoup those lost benefits through their private accounts, as long as their investments realize a return greater than the 3 percent that the money would have made if it had stayed in the traditional plan.

The Post mistakenly reported that the balance of a worker's personal account would be reduced by the worker's total annual contributions, plus 3 percent interest. In fact, the balance in the account would belong to the worker upon retirement, according to White House officials.

Read the entire article here.

And, yes, there will be a test.

This doesn't surprise me. When this article came out I suspected that the facts were being mis-reported. Chalk-up another one for the media.

The WaPo would never print a misleading story about a Republican administration would it...

That explains a few things. I was wondering why everyone thought this was such a hot idea(after reading the wrong figures).