reply to post by iamcamouflage
Bushs is correct in saying that his failure to privatize Social Security was his biggest failure. Its the biggest failure of the past 5
presidents.
The government plays upon fear to insist that they need to provide for a full-service retirement plan when their true objective is to take in your
hard earned money and use it for useless nonsense and engage in a Ponzi scheme. Were a private company to do what the government has done with SS,
they would be guilty of fraud. Our politicians have been bemoaning the fact that the feds "raid" social security for 30 years, yet for some reason
they seem unwilling to pass laws which specifically prohibit the government from tapping into the fund. They talk about the "lock box" but
somehow they never seem to be able to develop and implement a key. Why is that? Its because they are invested in the shell game of bogus
accounting that fund ear-marks so desired by their corporate and pressure group pals.
Now the government is taking a serious look at taking over your 401K and pension assets. Why? One reason is that the left in this government does
not believe in private property. Second is that, believing in equal outcomes rather than equal opportunity they wish to level the field, once again
taking away from the responsible and giving to the irresponsible. Third, they simply want more cash to fund useless programs.
For those who think that folks are too stupid to manage their own affairs and with the system made private there would be folks languishing in the
street and American cities would look like Calcutta, quit taking swigs of fear cocktail. Its nonsense and privatizing social security while
providing a minimum standard of living for the poor are not mutually exclusive.
Should you want to get a better understanding of how this could and should work, do a bit of reading on Australia's Superrannuation system.
Employers are required to submit 9% of wages into a private account that is managed by the individual. You get a job and you provide your employer
with two account numbers. One for your superannunation funds to be deposited and one for your pay to be deposited. The government provides
regulatory oversight into the types of vehicles in which superannunation funds can be invested, but it is a far more liberal policy than ERISA in the
States. The Australians also provide some basic level of support for those who have either blown their superannunation funds or have been
structurally unemployed. Sydney and Melborne certainly don't look like Calcutta.
The result? Folks have more control over their destiny. The government can not be tempted to access these asset for other purposes because they
don't have control over them. Folks make it their business to gain a better understanding of economics and investing and there are folks who, by
being smart or by choosing a quality investment advisor are leaving civil service jobs, like the Australian Postal Workers rich. There is a new,
large industry geared at educating Australians about their plans and investing. The oversight over investment advisors has been strengthened.
Superannuation has saved the Australian government an estimated $3 Trillion USD. When was it instituted? 1992.
There is time to turn this around. It will take a couple of things - leaders with courage and folks to let go of the fear and trust themselves.
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