Why is the plan a SCAM? A scam is a theft, fraud or something dishonest? I am Democrat and everyone has the right to an opinion, have not made up my mind on the plan on account of the mistakes persons might make with their investments into the hands of the greedy but I refuse to have my children growing up around ill notions such as the following. The president of the United States would provide something illegal or fraudulent to the American people rather than perhaps partisan or faulty.
Sincerely,
Financial Advisor
Can't these private contributions be mandatory like the current SS with-holding but allow a wide range of investment options - some of them quite safe like CDs, bonds etc.? I mean it doesn't have to go into the hands of the greedy.
Younger individuals could accept more risk and older people less just like private pension plans which no one demagogues as being too risky etc.
The earnings would still be much greater than the current program and the account would belong to the individual or his estate - not the govt to p!ss away on more nonsense.