To The Daily Sun,
George Bush made a push to privatize Social Security (SS) accounts with the intent to improve returns and INCREASE the size of benefit checks. Even back then it was clear SS was INSOLVENT, requiring either higher taxes or further dilution. FDR's infamous Ponzi scheme had already been significantly WATERED DOWN several years before. SS simply runs OUT out of money to pay in FULL the PROMISES made by government. It is one of the greatest swindles ever perpetrated on the American public. SS is a BLOOD SUCKER on YOUR pay check for 40 years. Then when you retire, the benefits SHRINK and SHRINK again. Big time crook Bernie Maddoff copied FDR's plan. The only difference, Bernie couldn't say to his DUPES, as government does "I am REDUCING your benefits ANYTIME I see fit". The two men are great CON ARTISTS, cut from the same cloth, one a hero, the other a bum rotting in jail. Democrats demonize privatizing SS vehemently, not with facts but fear. Not from any belief the idea won't work, but that it WILL. The last thing Democrats can allow to happen is middle class America raising its living standard on some elephant idea they oppose violently. That would set the party image back 50 years.
We need to make SS solvent going forward with out forever raising SS taxes or continually diluting it's benefits.
1. The SS PONZI Funding mechanism of Bob paying for Mary has to STOP. The amount of revenue under this scheme (it is not a plan) becomes totally dependent on the number of people working at any moment. That is like building the foundation for your home in a swamp. That is why benefits keep getting CUT and CUT again significantly around every bend.
2. The money is YOUR MONEY, from your first dollar of contribution. NOT THE GOVERNMENT'S! Who do you want to have your money? YOU or government?
3. We MUST offer people OPTIONS from just investing in LOW YIELDING treasury debt. IT SIMPLY EARNS TOO LITTLE and condemns every middle class American to lower living standards for 20 plus retirement years. YOUR check should be DOUBLE and WILL BE. Not by BETTING on a PONZI SCHEME that heads for BROKE at every junction. SS benefits need to be BE CUT AGAIN. IF the cut is delayed, the eventual CUT will be DEEPER. It will never right itself with 10,000 people turning age 65 every single day for the next 20 years while the labor participation rate sinks ever lower because we have made WELFARE more ATTRACTIVE than working.
The U.S. stock market just hit another RECORD this week. It has OVERCOME every recession and obstacle it has faced in the past 100 years only to march on to new heights. If SS had been invested in EVERY AMERICAN BUSINESS for the past half century through the stock market the checks hundreds of millions of retirees would have gotten over the past decades and the checks those retired on SS TODAY would be getting would be DOUBLE in their amount. Countless TRILLIONS in wealth that should have gone to retiree SS checks have been LOST following the great FDR retirement scheme to ONLY INVESTING IN DEBT, not equity as GOVERNMENT PRE-SPENT every penny because SS was NEVER PRIVATIZED to begin with, as it should have been. That would have removed the CONTROL from government to YOU. No red blooded Democrat is going to allow you control.
Government is $16 trillion in debt while business reports RECORD PROFITS and vitality during a world wide recession. We need to tie the middle class wagon to the success of business, not the failure of government. NOT DOING SO has been the single, BIGGEST mistake of the past century costing Americans untold improvements to their living standards.