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  • From: Gene GeRue <genegerue AT ruralize.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Social Security 2005
  • Date: Mon, 13 Dec 2004 10:34:38 -0700


Remember there is that huge chunk they have to pay back already and that is what Greenspan is warning about.

Because the "payback" is so important to so many people, it is being used as a scare tactic by those whose purpose is suited. Consider how much money the U.S. owes to and borrows from other sources, like Japan and Germany. It seems reasonable to me that, if the Bush administration is not worried about the size of the increasing budget deficit, trade imbalance, and total national indebtedness, that the Social Security bonds should likewise be considered by the administration to be of no great import.

Thus far, it seems to me that the privatization proposal will mainly benefit Wall Street and the various managers, who will add to the costs, just as the HMOs add to the cost of health care. Individuals cannot be trusted to administer their own accounts. They would spend them on real or invented emergencies, use the accounts as a financial cushion, or borrow against them, thereby creating the old-age penury condition that existed before Social Security was begun.

Here is a good site to read to understand the background and conditions that led to the concept of a national social security plan:
http://www.ssa.gov/history/early.html






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