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Politics : PRESIDENT GEORGE W. BUSH
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To: Wayners who wrote (674363)3/7/2005 4:17:17 PM
From: DuckTapeSunroof  Read Replies (1) of 769670
 
"Comparing it to Mutual Fund Managers isn't fair because fund managers have to buy, sell and manage portfolios. The SSA doesn't have to manage squat. Most no load actively managed mutual funds come in at 1.5% annual management fees. Whats the Governments excuse for coming in at 2% for something that doesnt' even require portfolio management?"

I DIDN'T say that.

You dropped the decimal point.

I said that the overhead of SS administration (ALL expenses: tracking each person's earning and contributions, administering payments to beneficiaries and survivors, handling appeals, etc., etc.) amounted to under .2% of program monies... NOT 'under 2%'.

The point was that (as we have seen in partially 'privatized' systems such as the ones in Chile and Great Britain), the management expenses and internal fees for either active or passive investments would be far higher.

That might not 'kill' all the potential advantages of equity investing... but it is a real factor that has to be considered.
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