Social (in)Security

My friends at the Heritage Foundation have just put out some interesting numbers on how personal accounts for social security can work. Before I delve into the numbers, however, let's take a look at some of the common arguments against personal accounts.

Number one, private accounts are based on the stock market, the stock market could tank and then where would all the money go? While this is a reasonable complaint (Ok it isn't, since the stock market crash of 1929, the largest reason for the crash, people buying stocks on loans has been well taken care of by legislation, also the chances of there being another crash like it are otherwise slim to none, but I just wanted to humor a liberal or two.) liberals are missing another important point. OUR FEDERAL GOVERNMENT IS GOING BANKRUPT!!!!!!! That is right ladies and gentlemen, what do you think will be the first to go if the country starts heading into bankruptcy? Yes you up front...no not Congress' salaries. Yes you in the back... that is right Social Insecurity. Why? Because it is the easiest way for the government to cover its books, in fact they have been doing so since the 1970s! So, while we are suppose to shake in fear that a stock market crash is going to happen in the next year or so, which for the record this is what the liberals have been longing for since September 11, 2001, we are suppose to have unmoving faith in the solvency of the United States Government. How is that dollar doing by the way? Oh, wait, I wasn't suppose to ask that!

Number two, most young Americans hate this plan. Why? A secret squirrel poll told us. Ok, may I be the first young American, I am 24, to point out that I personally never got polled and I love the plan. To the contrary of this, a simple Yahoo search of "polls social security young" will give you multiple hits that all say the same thing. Young people are more willing to "tinker" (a liberal word meaning totally dismantle) with social insecurity than older people. Hmm, may I point out the obvious, younger people understand that it will not be there for us. 2042+ may seem far off for some. To me that is around the year I would like to retire! So, you ask me which one do I prefer. The possibility of only getting a little money, or the probability of getting no money. I may not be a part of the biggest voting block in the United States, but I am no idiot!

So, David C. John points out,in his article for the Heritage Foundation, that Social Security is solvent with private accounts. He points out that the average projected return for Social Security accounts is at 6.5%. This is taking into account that the Social Security accounts will be invested in 50% stock and 50% government bonds. Being that President Bush is asking for 20% to be invested in bonds, that pushes up the average. "This is what makes stocks and bonds perfect for retirement investing. Holding them for 20-plus years virtually guarantees significant profits at a fairly low risk level." If you don't believe this just look at the retirement accounts that all of these Senators and Congressmen have. I bet they resemble private accounts...because they are! What is good for the goose is good for the gander.

Of course the biggest thing that any liberal is missing is that they operate under the assumption that Americans should be forced to save. Then they assume that the government can manage their savings better. My biggest point in all of this is that it is my money to lose. Give it to me and I will make the choice. If I suddenly have a change of heart and want to give the government more of my money, I might actually check yes next to giving to the Presidential candidate fund. If I want to blow my money on an IPod instead of planning for retirement so be it, yes it is ill-advised, but it is my choice! That is what drives our economy! People making choices for themselves. The same people that hate Bill Gates for working for a living and having good business sense want to make a governmental monopoly out of my retirement. What is next forcing me to pay taxes on my paid for property or else taking my property away. Oh wait, they do that too. My money is not the governments, it is mine. Taxes are a civic duty that I pay in order to finance a more free society. However, this does not give them the right to claw into my bank account at every turn! It is my duty to respect my elders too but that doesn't give them the right to take their walkers and smack my children upside the head. So, like bad liberals, they don't want to give us a say or a vote they just want to cram our welfare down our own throats. Sometimes, when it comes to social security, I feel as a child at the buffet table of liberty being force fed the brussel sprouts of retirement planning.

If social security is to be saved, it has to be overhauled. The same politicians that drive the "wait 'till it dies" mentality take their vehicles in for regularly scheduled maintenance. We have got to do something now before our government goes completely belly up, not to mention that we can do so by offering younger Americans a "better deal."
-Cincinnatus