There are a lot of movies whose sequels should not have been made. The first installment sucked bad enough.
The pay-as-you-go Social Security system is another such performance for which a sequel would be inadvisable to say the least.
A lot of Conservatives are concerned that a Democratic Trifecta may lead to a level of catastrophic creativity not seen since The New Deal.
Unfortunately, we don’t even have to wait for the election to see some of the most obtuse products of this alliance.
If you have a 401(k) or equivalent retirement plan, you’ve probably been watching nervously the past few weeks as your nest egg has shrunken owing to the current turmoil in the markets.
Well, it could be worse. But don’t take heart, for what we mean is it could get worse. The market turmoil has some politicians on Capitol Hill eyeing the end of the 401(k) as we know it.
We have a Social Security system that is currently running on fumes, backed by a trust fund containing a treasure trove of I.O.U.s.
We have a generation of taxpayers that hold little hope of ever recouping their contributions, many (most?) of which aren’t saving enough to make up for it. What is the solution?
Take away the tax benefits of saving into a 401k including the incentive the employer has to match contributions.
In exchange for what?
Another Social Security benefit. Guaranteed by whom?
The U.S. Government.
The same government that has pissed away $10,000,000,000,000 (and counting).
What would the money be invested in?
Special “Government Bonds” that would pay inflation plus three percent. Forfeit a bouquet of shares in a carefully arranged and assorted arrangement of global enterprises that have averaged between 8 and 12 percent per year over periods of time that easily fit twice within the average career span. Trade them for a share of the magnificent crater that forty years of tax-once, spend-thrice government corruption and mismanagement has left for us and the next twenty generations.
I’ll take my chances with the stock market, thank you.
Democrats think Americans are too stupid to save for retirement. The sad thing is, they might be right. Most don’t save enough. We know that.
As usual, the Democrats think it’s the government’s job to confiscate the hard-earned assets of the self-reliant, the prudent, and the hard-working and dole it out to the spendthrifts, the lazy, the leeches who can’t or won’t do anything for themselves…but vote.