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Politics : President Barack Obama
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To: Road Walker who wrote (114328)5/29/2012 11:17:31 AM
From: RetiredNow  Read Replies (1) of 149317
 
No, life insurance isn't mandated by law nor provided for by the government.

Although, that's one way to look at Social Security and Medicare. Really, they are run more like insurance policies with really bad administrators who don't do actuarial statistics really well. :) I'd prefer that we run them as self-sustaining entities. Or my highest preference is that you run them like mandatory 401Ks, which people must contribute a certain percentage of their income to, but that only they have the right to withdraw from. In other words, they have an account which only contains their own money and no one, not even the government, is allowed to withdraw from it. The only person that has legal right to withdraw is the account holder and only when they reach the age of retirement.

Part of the getting a plan like that going would be to grandfather all retirees today and to have a cutoff for future retirees. Then we'd have to recognize the liability for all those grandfathered as an additional US Treasury debt to pay for it. I imagine that is the sticking point, because we'd have to put an additional $20-30 trillion in debt on the books to clean up this system. No one likes acknowledging facts like that. So we implement policies designed to hide the facts instead.
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