PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: goldworldnet who wrote (167433)	8/3/2001 12:21:49 PM
From: Feraldo	of 769670

Yeah, that's true. Dems would rather have social programs. Take Social Security. It was created with the Great Depression in mind. Now that we are in economic good times, they won't let go. One Dem Senator had one of the most assinine speeches I've ever heard. In it he pointed out that privatization would wreck the retirement of every individual because, for example, if a person would have put his money in and S&P index fund and retired in 2001 vs. 2000 the individual would have only 2/3 of the money than in 2000. What he failed to mention, is that the 10-13% average return the individual would have gotten (depending on how you measure it) over the last 45 years of the individuals life would have given the individual about 100's of times more than Social Security will. What he failed to mention is that Social Security is giving the government a 1-45 (or more) interest free loan. The effects of compounding in the stock market or even a savings account would yield huge benefits for a retiring person. I can't believe that we elect idiots such as this.

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