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Politics : PRESIDENT GEORGE W. BUSH
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To: Peter Dierks who wrote (672463)2/16/2005 3:55:37 PM
From: DuckTapeSunroof  Read Replies (2) of 769667
 
"I would offer that a wealth redistribution system to benefit the older people who wish not to work is not going to sell to the younger workers forever."

I agree.

The ideal time to begin conversion to a 'non-Ponzi scheme' 'privatized' national investment program would have been much earlier in the demographic wave of the Baby Boom... (but our politicians were too gutless and short-sighted), or much later. Certainly, a more propitious time would be when the government is not *already* piling-up massive fiscal deficits.

Financing a change to 'privatized' accounts by merely piling on huge new government debts on top of our current fiscal mess is however a recipe for failure --- depressing future growth rates in the economy enough to screw-up the potential 'extra' gains from 'private' accounts.

EXPECIALLY if the government is planning to *both* run massive deficits out beyond the visible horizon, AND 'claw-back' 3% annually off of the top of each of the 'privatized' accounts, AND ALSO restrict the investment choices offered in these 'privatized' accounts to just a pitiful few comprised of ONLY US equities and US debt (choices designed to not restrict the government's ability to further run-up deficits).

Such a set of circumstances and restrictions could easily wind up as the greatest highway robbery in history....
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