GOPwinger Lies/Distortions/Omissions/Perversions of Truth Message Board

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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth

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To: Kevin Rose who wrote (39024)	3/25/2005 10:49:31 AM
From: Peter Dierks	Read Replies (1) of 173976

Let us invest our own money. Many of us already do, and hope that SS will be an insignificant part of our retirements. If the government legislated savings, we would be better off as a country. SS is an intergenerational income transfer system. It resembles a Ponzi Scheme. The President has suggested that we allow (force) all wage earners to save 4% of their wages for their retirement. Supporting this Ponzi Scheme currently requires wage taxes at a 12.3% rate. Less than 1/3 of the amount appropriated now is under consideration. The remaining 2/3 (8.3%) of wages for all workers in America would be available to continue the current retirement welfare system. The money currently in the SS "Trust Fund" is held in US Treasury Bonds. The SS fund lent this money to the government. The funds were spent as they came in. In order to facilitate redemption of the bonds, government will have to generate cash receipts. That means raising taxes. Ponzi Schemes always collapse, only a few people win in it, and those are the first ones in. The winners are already dead, current retirees are playing for not losing; each generation makes losing more inevitable. The President has proposed a compromise, and it is a fair one. Under this plan, the current recipients and those close to retirement get the benefits currently promised. People who have enough time to benefit from investment benefit from having a portion of their taxes diverted to investments. Young people who have time will benefit the most, by having a portion of the money now confiscated flow into investment accounts that will grow into decent nest eggs for their retirements. The country would benefit from having a pool of American investment savings invested within the US. This would provide money for growth in the American Economy. The current account deficit would decline, which improves our exchange rate. We get greater purchasing power. President Bush's plan is truly a win win win for everyone. The only down side is that a deceptive source for government revenue is eliminated that would otherwise continue for the next thirteen years. Those politicians who are more interested in spending than the welfare of their constituents would be denied some ability to provide pork.

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