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  • From: "Tony Spencer" <tony AT tonyspencer.com>
  • To: "'Internetworkers: http://www.ibiblio.org/internetworkers/'" <internetworkers AT lists.ibiblio.org>
  • Subject: RE: [internetworkers] UK contracting - taxes and border questions
  • Date: Tue, 8 Feb 2005 17:00:43 -0500

> I'm starting to think this is an agonizing process of reinventing the
> wheel, only with lower benefits. We're approaching the point
> where the
> best argument for private accounts is that the US is doomed
> to default
> on all huge obligations (think treasury bonds), and that's kind of a
> doomsday scenario, don't you think?
>

Jim,
Stop just starting to think that is the scenario and accept it to be fact!
Social Security was a failed theory from day one. When it started we has 11
people paying into the system for every one taking money out. Now it 2 or 3
paying in for every one taking money out right? The details will need some
working out but there is no reason that we shouldn't expect more than a 1%
return on our SS investment, not to mention the problem of massive taxation
we face if we don't do something enterprising quick.

Tony






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