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Pastimes : Social Security
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To: miraje who wrote (1)5/29/2003 1:09:53 AM
From: Peter O'Brien  Read Replies (1) of 11
 
I agree that privatization is the best
course of action right now.

Or, if that is not politically feasible,
then at least have the "trust fund" be
independently administered by someone
who is aligned with the interests of
the beneficiaries (similar to a
traditional defined-benefit plan in
the private sector). That means a
diversified investment portfolio.
That also means an immediate end to automatic
purchases of these ridiculous non-marketable
IOUs. If any purchases of Treasury bonds
are made, they should be in the normal
marketplace just like anyone else, and
the trust fund should be free to sell
its Treasury bonds on the open market
whenever it pleases (even if this is prior
to the maturity date).

The current system displays the dishonesty
and the arrogance of the federal government.

What I have described above is necessary
(but not sufficient) to save SS. Even if
we privatized (or independently administered)
the surplus contributions starting today,
there will still be a big problem making a transition
from the current dishonest and unstable
"pay as you go" system to a future honest
and stable system where a worker's retirement
is funded from that worker's OWN contributions
throughout his/her career. Because this fraud
has gone on so long, the transition is going
to be difficult no matter what happens.
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