Remember when Al Gore was screaming about the Social Security crisis and how we had to put that money in a "Lockbox" or else our senior citizens would be living in caves and surviving on roots and berries? Well, it seems that that scare didn't work too well for the liberals so they've now applied a reverse spin which claims that everything is hunky-dory with Social Security and America's working folks should just continue to let the federal government mismanage their money. The libs have nothing positive to offer so they perpetrate the hoax that President George W. Bush will force workers into a "lottery ticket" retirement system. This is unadulterated cattle waste and the poor liberals know it.
What's got them so upset is the real possibility of Americans making informed decisions on how they want to run their lives and invest or not invest their own funds. It's downright scary for the libs to think that the ignorant masses will be allowed to make a yes or no decision about their future. FDR came up with a Social Security incentive in 1935 as a means of getting the older people to retire thus, theoretically, creating job opportunities for the younger while providing a safety net for the poor, disabled and/or very young. While some may argue that fewer people are living on the streets because of Social Security, living on the sidewalk isn't all that much better.
A responsible life style, wise investments, sensible savings and prudent planning can and does make one's golden years more than a matter of survival. Retirement is matter of personal responsibility and choice, not government dictate.
Stephen A. Busch
Privatization is not the answer
Many people refer to the "Trust Fund" and state it won't run out until 2042. The truth is, the so-called assets held in the trust fund are simply a bunch of IOUs from the treasury because the government has been borrowing the Social Security surplus to fund the government and tax cuts. Remember Al Gore and his "Lock Box"? Well, the reason he proposed it was so the government would quit borrowing from the Social Security surplus so real assets would be in the trust fund when needed. The Social Security surplus will start becoming a deficit in 2018. At that point the money that should've been in a "Lock Box" will be needed and the IOU's will need to be repaid by taxpayers. So I think it is a problem worthy of our attention.
Privatization removes the security out of Social Security. Social Security is meant to provide a basic level of income during retirement; it should not be gambled in the stock market. People who want a higher standard of living than what Social Security will provide should be investing in the markets using one of the many personal account types already available.
Surpluses achieved between now and 2018 should be put in a "Lock Box" and not borrowed to the government, but rather invested in something like mortgage backed securities that would be real assets which provide a steady stream of income. The cap that limits the tax on the first $90,000 of income should be removed. Means testing should be considered as well as increases in the retirement age. Minor changes to several factors would cause the least amount of impact to any one group.
The troubling thing is that experts say that Medicare is going to be a much bigger problem than Social Security.
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