According to the OMB, it looks like private accounts will begin in 2009. Hurray! The fair tax comes with the added bonus of eliminating hundreds of thousands of jobs on accountants and lawyers who do everything within their power to cheat the income tax system. More efficiency equals higher profits.
Go to the OMB website and read it for yourself. In 2009, hundreds of billions are directed towards "Private Accounts" in their projections.
OMB does lots of projections based on different proposals to evaluate their effects - doesn't mean that the proposals are actually going to be enacted.
It's part of their official budget estimates. If private accounts do not go though than the budget projections will have to be revised for those years. Social Security is going broke anyway and no amount of money will fix it along with medicare/medicaid.
==================== Like to find that out thru experience; it has worked real well for Chile,for years.
Most pundits feel that Bush's initiative for private accounts is dead in the water. With supreme court nominations coming up and low popularity ratings in the polls, he is not likely to push too hard on this right now. Interestingly, if we have a run up in equities, mom & pop america might start clamoring loudly for this, generally right at the top.
All I'm saying is Ponzi shemes always fail. SS and Medicare are on its last leg and change is needed.
First of all, Social Security is NOT a Ponzi scheme. Ponzi schemes involve unsustainable leverage and outrageous investment returns. Social Security is able to provide a completely legitimate investment return through the natural growth of wages. Read this for more information: http://www.pactamerica.com/wageswap.htm To answer your original question, if the President's plan for private accounts is approved, the program will not begin until 2009. In other words, 2009 is the scheduled start date.