Posted on 11/30/2004 10:57:42 PM PST by BellStar
In south Texas, along the windswept Gulf Coast where multitudes of hurricanes have made landfall over the centuries, there are three history-filled, ahead-of-their-time counties: Galveston, Brazoria, and Matagorda.
Until the early 1980s government entities, such as cities and counties, had the right of opting out of Social Security and establishing their own retirement system. This option had been provided when the Social Security Act was passed in the thirties.
Galveston County in 1979 looked into this idea when then - County Attorney Bill Decker contacted Don Kebodeaux, highly successful Houston businessman, and asked him if he could devise a plan so that Galveston County could opt out of Social Security. At that time Social Security was on the verge of bankruptcy and no one knew what the future held. Don pondered the problem and called in his friend Rick Gornto, a leading financial expert, who was later to become his partner. These two hard-driving and foresighted businessmen, realizing the coming problems in Social Security, designed a new program for political subdivisions that would provide a retirement plan for employees that was many times better than the existing Social Security program. Satisfied with the new program, and in order to properly present and handle this program, these two Texas entrepreneurs organized several companies that became the First Financial Group.
http://www.libertyhaven.com/politicsandcurrentevents/healthcarewelfareorsocialsecurity/galveston.shtml
(Excerpt) Read more at libertyhaven.com ...
Ping
Alief ISD also does this. My understanding is that many Texas school districts are going this route.
I was still in my hometown of Galveston back then. If you will recall, Congress was controlled by the Democrats then.
They, the democRATS, were terrified that the government would lose many dollars in taxes, thus depleting the coffers they could dip their sticky fingers into.
Judge Holbrook was considered a hero to many people then.
Imagine that! Public servants that actually "served".
Too bad there aren't many left.
Ping!
Send this to Bush some how I know he knows all about Galveston Co, TX. Ha Ha!
Heads up GulfBreeze!
Note Post number 14
above of Judge Ray Holbrook
Picture taken at the at Galveston Co.
Republican Party Victory party.
http://www.jarbobayoutimes.com/mark.mht
Galveston. Oh, Galveston.
I am sure the success of the Galveston,Texas plan has been a major factor in President Bush's thinking on the privatization of Social insecurity.
The ones in Central Texas have, for sure.
I've worked for the local school district for the last few years, and I have no SS taken from my check, it all goes into a retirement account through Teachers Retirement Association of Texas.
(Before anyone asks, I don't indoctrinate the little buggers, I just feed 'em! :)
Simple, IMHO; the self-sufficient don't need Democrats.
Success seems to fall on deaf ears when it come time to let the American people know what they should know. The media could do some investigation on its own of the various retirement program successes, and there are many, but don't hold your breath, they would prefer to bash bush.
bump! bump! bump! :^D
Media Ping!!!!!!!!!
Yeah, but then he decided he'd be better off drinking himself half to death.
Can you imagine if Harris County would raise an eyebrow at this???
Coolll...
You won't hear those comments from democrat congressional demagogs.
Bump --- again
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.