Private Savings Accounts Don't Attract Less Educated

GOPUSA ^ | March 14, 2006 | Star Parker

[Tolerance Sucks Rocks]

PING!

[SittinYonder]

Americans do not uniformly welcome more choices into their lives

And this will be the country's downfall. As people willingly give control over their own lives to a government that craves making choices for people, the rest of us who don't mind a little freedom where we can find it will find less and less of it.

The soviets won.

[misterrob]

Regarding Social Security private accounts, it's been my view that the current system based on payroll taxes and government determined benefits hurts low income folks more than high income folks. For them the payroll tax confiscates the only funds they have available to save and invest.

Right on. Never before have I heard it expressed in a way that reveals the truth.

[Steamburg]

The great Democrat Plantation. Don't you all worry your little heads about the future. We will take care of all your needs or we will euthanize you.

[GeorgefromGeorgia]

Clearly there are still many people, apparently from lower status backgrounds that fear individual freedom in economic matters. This is another example of our lousy public schools. Money matter are (aside from investing in stocks) only requires 8th grade math skills, and some common sense training.
It frightens me that so many people fear exercising their only brain power on simple matters like savings, investing and budgeting. I suspect that many college students that gain a few years of living after college do learn to budget, save and invest. Of course there is always the people that live only for the moment. The thing is, I don't think they would admit that they want their lives run by the state, but that is what some people want.

[evilC]

OK, just tell them there is no choice in the matter; you will have a private account :)

[BenLurkin]

'When college students were asked to pick adjectives that capture what "choice" means to them, those from homes with college educated parents were more likely to select the words "freedom," "action" and "control," whereas those from homes whose parents had only a high school education more often selected "fear," "doubt" and "difficulty." '

[Strategerist]

First thing I thought of reading this was the part in PJ O'Rourke's "Parliament of Whores" where he's at the worst housing project in New Jersey, complete hellhole, talking to a resident trying to explain the benefits of changes so that she'd actually own her apartment and have a role in the management of the building, and to everything he said, she said "I'm not havin' any of that."

[Tolerance Sucks Rocks]

The thing is, I don't think they would admit that they want their lives run by the state, but that is what some people want.

Then let them go to Europe so that they'll leave the rest of us alone.

[PGalt]

Just tell them Al Gore's going to give them an autographed key to their own lockbox.

[Recovering Ex-hippie]

since we will have to take care of them anyways, who cares what they think?

duh, I forgot...idiots can vote.

[truthpls]

Snob appeal at it's best. Was the economy better before the depression or after? Were all the people who jumped out of skyscrapers during the depression lower class or upper class? Let's keep our feet on the ground. Social Security is a bust; but giving billions to dictator's who then turn around and kill their people, and spit on us is a good thing. Sorry, I just don't follow the party line, no matter which party it is. Pretty soon we will be like England, what matters is who your father is, and which school you attended. Isn't that at least part of what the American Revolution was about?

[P-40]

For them the payroll tax confiscates the only funds they have available to save and invest.

That assumes that if they had those funds, which they can often get back through the EITC and still earn SS credits, they would save them. There is no evidence that such a thing would happen and in my experience as an employer...I get a chuckle just thinking about it.

[plain talk]

I'm not sure about their conclusions but it's true that people are fed up with the bureaucracy of the IRS and all the hurdles on has to go through. My health care savings account for prescriptions lasted just one year. One has to precisely estimate their prescriptions for the year, it's deducted and then you use it or lose it. For me it's not worth the trouble. I gave it up.

People are sick of needless complications in their lives and want simpler lives. I don't see how people do their taxes without software. I'm surprised there isn't a rebellion for a simple flat tax with no deductions and no paperwork. And no one in Congress seems to be talking about it and right about now people are getting serious about doing their taxes. This is what Congress should be talking about instead we have wasted cycles on dem talking pts. Incredible.

[P-40]

OK, just tell them there is no choice in the matter; you will have a private account :)

A system where those that WIll NOT save for their own retirement are forced to do so would be fine with me.

[elmer fudd]

Here's a better idea than replacing SS with private accounts. Do away with SS and don't replace it with anything at all.

This article seems to pay lip service to freedom and choice, but having the government take away part of your paycheck and then dictate how and when you can use it isn't really all that much better than the Ponzi scheme it is meant to replace.

[misterrob]

Actually, private savings would make people more money and allow employers to not have to pay in any longer hence improving profitability per employee by 7.65%.

Put it this way, $2.5K a year for 45 years at 8% interest would leave you with $1 million in the bank. That's with no matching investment by an employer. Do a 50% match and you have $1.5 million. With that kind of coin a person making 6% on their money is pulling in $90K a year income (taxable of course, bastards) and need not touch principal.

When they die, they can will the balance to their kids, friends or charity. No money for welfare or benefits for illegals. That type of plan will mean plenty of people would leave their heirs on much better shape and they themselves would live a comfortable life instead of scraping by on SS cheese.

Sweet.

[Intolerant in NJ]

Blacks, who are on average less wealthy and less educated than whites, are far less supportive of private accounts than whites _ 36 percent of blacks favor them compared to 46 percent of whites...Blacks, because they tend to die earlier than others, are the very people cheated most consistently by Social Security and would under the proposed plan at least get to pass some of their money on to their heirs - tragic that they're among the most opposed to the change......

[P-40]

Actually, private savings would make people more money

I'm actually for taking the 7.65% paid in by the employer AND the 7.65% paid in by the employee and placing the money in private accounts phased in over a period of 32 years with much of the social security program being phased out during that time.