NewMexiKen thinks privitization of Social Security is not a good idea, but certainly is willing for a national debate on the matter. What I do not want is for that debate to be framed by the continuing bullshit that the system is in immediate crisis or going bankrupt, or that benefits will not be paid (see below).
NewMexiKen believes in the safety net that Social Security provides — and was intended to provide. For that reason I believe its long term shortfall (beginning in 2052) should be addressed — eventually. Beyond social security, people should be encouraged to plan for the time when they can no longer earn. Tax policy should be among the means considered for encouraging this savings/investment, just as 401k plans do. Those who can save more and those who are able to invest well will ultimately be better off than those who do neither, but — in NewMexiKen’s opinion — no one should be without some resource provided by the common wealth.
LETS NOT FORGET WHY SOCIAL SECURITY WAS DONE IN THE FIRST PLACE. TO RELIEVE INDUSTRY FROM HAVING TO PLAY FOR RETIREMENT BENIFITS. THIS IS JUST ANOTHER ATTEMPT TO RAID IT.
Ponzi scheme:
An investment swindle in which high profits are promised from fictitious sources and early investors are paid off with funds raised from later ones.
Sound familar?
The SEC website (http://www.sec.gov/answers/ponzi.htm) has this to say:
“(T)he Ponzi scheme continues to work on the “rob-Peter-to-pay-Paul” principle, as money from new investors is used to pay off earlier investors until the whole scheme collapses.
Doomed for failure from the beginning.
All insurance is a Ponzi scheme.
Social Security, in my opinion, is more of a show of respect to those who worked before us to make this country great. This in not a personal investment, and I am hard pressed to find anyone who believes that it is. It is more of an insurance to keep our country great and a show of compassion for those less fortunate.
If someone has the money to invest privately for his or her future, please do so. Most people do not and this little bit of insurance will be all they have when they are forced out of the workplace. Coerce them to take care of their own investments and there will be little or no money for them in their future especially, when ?Wall Street? repeatedly manipulates the market for the gain of few at the expense of many.
Almost 36 million Americans live below the poverty level, which, in 2003 was $18,400 for a family of four in the 48 contiguous states. When people live from check-to-check, often barely making ends meet, any funds that would supposedly be used for retirement investment will go to paying for necessities. Feeding and clothing their families and paying the increasing cost of medical insurance premiums–for those fortunate to have medical insurance–take precedence over mutual fund investment.
Furthermore, as most of you know I am sure, not all the Social Security funds paid are for retirement benefits. When a parent who paid-in dies, the children are eligible for benefits so these unfortunate persons can still get by. As are, many other non-retires who receive benefits.
What is a great society? One who puts profit and ?me? ahead of all other things?