Here’s the reason why a private insurance program will always be a better option than Social Security: there was a slump in the market this week, but it will recover. Almost all the value it had will come back in time. On the other hand, everything you have ever paid into Social Security has been spent. It’s gone. Social Security is completely bankrupt, and trillions of dollars in debt. If it were a private corporation, its administrators would all be in jail.
So if you had your choice, whether to put 15% of your income into Social Security, or the stock market, where would you put it? And in a free country, shouldn’t you be entitled to make that choice?
First off, the total bankruptcy of Social Security has been brought to you by the same people who think they can regulate the stock market. But, I digress.
Let's take Mr. Slagle's statement a few steps further..... Given the total lack of accountability in the Social Security system, I think that all of us - Democrats, Republicans, Libertarians, members of the Green Party, and the Flat Earth Society - all of us would've prefered to put all of our money into the stock market from Day One, and do without Social Security altogether, right? There is no money at all in the S.S. fund. It's now a troubled Ponzi scheme. Surely we can agree on that much.
But what if you were only given the choice of withdrawing all of your contributions to Social Security and putting it into the market on the day before the recent financial meltdown? Would you still do it?
Of course you would. Unless we immediately open the border to a jillion Mexican teen-agers, there simply aren't enough people coming into the workforce to keep the current Bernie Madoff-style Social Security scheme afloat. It's doomed.
One last question.... Is there ANY scenario in which you wouldn't prefer to have all of your Social Security payments put into stocks/mutual funds/etc. ?
So why aren't we allowed to do it?