Yorikke, I understand what you're saying, but permit me to clarify my definitions. I don't believe infrastructure projects, designed to yield a clear benefit to economic growth, are necessarily "pork barrel" projects. There are obviously places where public money is required to overcome private market failure, or as a means of spurring development in a certain economic direction that will later spur more economic benefits (space, computers, transportation, and telecommunications.. etc).
What gets my goat are projects like the "big dig" in Boston, where there are tremendous cost overruns, and the local politicos can squirrel away little tidbits like a holocaust memorial (which has no relevance to the intent of the project), or projects which have no foreseeable economic benefit.
And btw, those private IRA don't have to be strictly for stocks. People are putting cash in money markets and doing quite nicely right now, so there is no reason that bond funds or REITs can't be offered. I also believe that the IRA should be managed in a similar manner as the government TSP program (with more choices) so folks don't have the option of owning individual stocks.
Hawk |
