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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Zeev Hed who wrote (3010)2/15/2001 11:25:12 PM
From: Hawkmoon  Read Replies (2) of 3536
 
Tax credits are one thing Zeev, but I think the concept of taking a percentage of FICA tax payments (2-3%) and providing the payer the option of having them placed in an IRA is incredibly important to weaning this society off of depending on SS as a retirement program.

If Clinton had had the guts to do this 8 years ago instead of passing on the obligation for retirement benefits to be paid by are children, then SS would be well along to returning to being the social insurance it was designed to be.

The national debt would still be decreased because than a private national debt increasing with every tranche of surplus FICA inflows, that money would be placed in hard assets like triple AAA corporate bonds, or various market indices like the SPX. As a result, these people would be yielding far better returns than the 2% average return received by the SSTF.

But you're right on about an excessive surplus leading to recession. It's money being taken right out of the private economy and effectively being used to expand government spending and entitlements.

But just giving $1,000 back isn't quite the tack I believe should be taken.. There are some tremendous obligations coming upon this nation 10-20 years from now with the retirement out the boomers. And people must look to their own retirements because SS is clearly going to become means tested/adjusted when the bill comes due.

Regards,

Ron
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