OK, Mike, we obviously agree!
If SS were to be privatized, it would only be with many restrictions to protect more vulnerable people. If the option were to simply put everyone's SS money into regular brokerage accounts and tell them "have at it!" I'd agree with you.
I'd think that if someone wanted to put a small portion of his money into a gold fund (or any other high beta investment), it would be ok too, again assuming some sort of controls for the inexperienced.
As a person who bought both Lucent and WorldCom, I understand exactly what you're saying! <GGG>
One problem I do see as critical to the issue is the amount of public vs private money in a so-called 'privatized SS system.' The current SSA spends a BUNCH of money on non-retirement expenses, such as SSI and payments to orphaned kids. Somehow, in a new system, those costs would have to be funded. And, I suppose there'd also have to be some sort of provision for those who somehow, despite all the protections, were able to parlay a reasonable retirement suppliment into an amount too small to live on.
I agree there could be some problems, but i don't think the problems would be insurmountable. |
