""Let me get this straight, the government allows you to choose to take a portion of your money, and tells you what that portion is; then government tells you what your government approved choices are, and you think you have control?""
More control than I have now and certainly more control than youd allow me to have.
""How will government decide what funds you may invest in? Do you think lobbyists will have a say in the choices you have?""
They might but will private accounts give me a higher or lower rate of return, that is my question..adn not a question you seem to be at all concerned with
""With all those new accounts, and fortunes to be made in set up fees, commissions, and management fees, do you think the potential for mismanagement, manipulation, fraud, and outright theft exists?""
If your best argument against prvate accounts is fees and comission you have no argument..in fact it sounds like youd be against 401ks or IRAs for that matter.
""Do you think this plan would grow or shrink government?""
Absolutely shrink it. There would be less money for the federal govt to spend. That is shrinking it.
Your arguments agsint private accounts are stright out of the 1930s socialist class warfare text book.
1. envy of those who earn comissions
2. distrust of allowing people to control their retirement destiny
what is most amazing to me is you have no solution to SS imending bankruptcy, other than to pretend there isnt a problem
We don't KNOW. If you live 20 years after retirement, you'd make out like a bandit on SS.
If your best argument against prvate accounts is fees and comission you have no argument..in fact it sounds like youd be against 401ks or IRAs for that matter.
How did Enron employees make out on their 401ks? (I know you're too smart to ever make their mistake.)
IRAs and 401s are in addition to Social Security and do not replace it. I think people should take advantage of any savings or investment plan that they choose to provide for their retirement.
Absolutely shrink it. There would be less money for the federal govt to spend. That is shrinking it.
Really? Didn't we just have a demonstration this week that being out of money is no deterrent to spending?
1. envy of those who earn comissions
Oh please! The attractiveness to the individual for diverting some FICA money into individual accounts is the possibility that the investment yield will be higher than SS. If fees, commissions, etc. reduce yield sufficiently to wipe out the advantage, then what's the point?
That has nothing to do with envy, it has to do with weighing potential benefits.
2. distrust of allowing people to control their retirement destiny
Why do you think Social Security was created in the first place?