I hate to be the bearer of bad news to some folks but there is no money in social security just IOU’s from the government. These funds should have never been taken to pay for the general budget wants/needs. If this money would have been reinvested in very safe investments at compounded interest there would be enough money to pay for future commitments to the system. Instead these funds were used like a credit card by folks that knew they would never have to pay the money back.
The gradual partial privatization of this system will eventually accomplish making social security system a self sustaining system and get better benifits. You would actually get more than what you put into the system because of compound interest over time. This is not the case now that’s for sure. This will also be a big boost to the economy because this reinvested capital will be available to expand business and hire people. Yes that dirty word CAPITALISM. With this system you would also be able to pass these funds to your family when you die and would be treated like a 401K “rollover”. These features of the system would help families build real wealth and become less dependent on the government when they retire.
I only “real” reason that people not supporting partial private controlled system is power and control. The concern is not the security and future of the social security system. It’s the reduction in the available general purpose funds politicians can throw around and government control. They want to spend the money that workers are paying on other things and don’t want to give any power to the individuals. These are the same people that feel the people are around to support the government. They need to do a little research and they would discover that this country was founded on “individual” rights and the government was structured to serve the people not vise versa. That is the rub with our socialist leaning folk among us.
The way I see it, if you explain the above to people with out all of the B.S. most people would agree this is the way to go.
I’m out
GT
