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To: CVJ who wrote (8217)	12/13/1997 10:28:00 PM
From: Charles A. King	Read Replies (1) \| Respond to of 13091

Chas, you have a good point. It is easy to theorize that nobody who has a demanding full time job and no interest in researching investments is going to sink their SS money in a fly by night bulletin board or pink sheet stock. There are millions who must pay SS tax and if they are allowed to invest it themselves, some of them are going to take chances and make mistakes. I sure did over the years. Social Security is a welfare tax regardless of how the politicians play with words like "entitlements". The idea of privatizing about 10% of it is to allow the taxpayers to make use of the benefits of long term investment instead of paying it out as the money comes in. The designers of Social Security back during the Great Depression didn't foresee the Baby Boom. I don't know why they call it the Great Depression. I was a Depression kid and don't remember anything that was so great about it. The birth rate during the Depression and War was very low. Suddenly after the War came the deluge of babies. Until now, there were relatively few people who were eligible to receive SS, but now people realize that despite promises by the government to pay according to a certain formula it will be necessary to renege a little. It wouldn't have been so bad if part of the money had been kept completely out of the politicians' hands and been invested in something like the Vanguard S & P 500 mutual fund, VFINX. Much of the money is necessary for welfare such as making payments to minor children of deceased payers of SS. But if even 10% of the SS welfare tax ever went into an investment fund instead of phony tricks like treasury bonds, I would be flabbergasted. The policians want to be able to spend every cent of that tax money while they are in office. Charles