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Tuesday, November 30, 2010

 

Privatizing Social Security is still better than nothing!

I just got done reading an article on the CNN Money website saying that Social Security privatization is a bad idea. The writer (Allan Sloan) was saying that the people retiring should not have to invest there money in the stock market. Allan Sloan said that the people are gambling that the market will be high when they retire. This is much better than giving your money to the government so it can give it to people that are retiring right now.
The problem is that the current system is a Ponzi scheme. A Ponzi scheme is a system where people invest in a company and see high return rates. The investors that have been with the company for a long time would get the money from the people that are starting to invest. Madoff was recently arrested for using a Ponzi scheme. Why are we not holding our Government responsible for stealing money from us to give to others. I have a feeling that by the time I retire I will not see the money that I was forced to put in the system with a promise that I would get it back when I retire. The Government should give me a choice to let me invest my own money into something that I can control.
How can the Government get away with this?
The answer is simple the Government has the biggest stick and will arrest you for avoiding paying the money to the social security system (not paying taxes). There is no opting out of this system where the Government redistributes the retirement funds of the young to the old. The Government dipped into the fund one too many times. This is why we need to have something different than the current system I would rather gamble my retirement money than give it away

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