PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: DuckTapeSunroof who wrote (672472)	2/17/2005 12:37:20 AM
From: Peter Dierks	Read Replies (2) of 769667

Ancient Chinese Proverb: Best time to plant tree: Seven years ago, next best time: right now. Think about it. If you want argument from me that it should have been done in the past you are barking up the wrong tree. Next best time to transition to a non-Ponzi scheme is right now. If you limit the portfolios to American Assets they feed back into the US economy and help us grow out of the problem. They also create predictable demographic induced cycles. Such a set of circumstances and restrictions could easily wind up as the greatest highway robbery in history.... I have great confidence that future politicians will find ever new and creative ways to steal from the next generation to enhance their own standard of living. It is the politicians reverse inheritance. SS was one such theft. IRAs were another. Roth IRAs were the latest one enacted. Roth IRAs were invented to collect extra taxes in the short term. IMO the President's plan would not steal from the next generation on a grand scale. It has the potential for starting the transition to a self funded system. Can Washington politicians resist trying to turn it into a theft mechanism? If we all support this program rather than haggling for a better deal, it may happen. In forty years the transition may be mostly over, and they might be able to devote the entire 12.4% to retirement savings of the each individual. That would build a tidy nest egg for our grand children. Wouldn't that be a nice legacy to leave them? Even if you assume the disabled and other beneficiaries would require nearly 20% of receipts to support, that could leave 10%. with an outragious managemenmt commission of 10% of that, the remaining 9% could accumulate into a tidy nest egg.

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