> Contrary to popular belief, Social Security as > it was originally designed, and largely serves > as today, is an insurance system.Absolutely false. It was designed as a wealthtransfer system- taking money from currentworkers and transfering it to retirees. Youadmit so yourself later in your posting whenyou point out that private accounts would hastenthe bankruptcy of the SS system.> He [Gore] plans on using the budget surplus to > pay down the national debt and then to put the > money saved from not having to pay interest on > that debt into Social Security. While no one > gives him credit for it, this proposal is > somewhat radical and here's why. Social Security,> since its inception, has always been paid by > payroll taxes. Gore is proposing to inject > general revenues (i.e. non payroll tax funding)> into the system.The government is currently taking the cash-flowsurplus from social security and spending it as part of the general budget. Gore's proposal basically boils down to him suggesting that the money should be paid back. Hardly a proposal-- it more like an existing obgligation-- unless you want to argue that the full faith and credit of the U.S. government does not apply to the "special" treasury bonds that social security currently invests in.Before Social Security and all the other Big Brothergovernment programs came into being, people didntworry about retirement, day care, and the like.We used to have families. Parent's cared forchildren, then those children cared for the parentsin their old age-- while the now grandparentsprovided day care when the new kids were young."Extended" families were also around to help.Occasionally, friends and neighbors would alsopitch in with some help.Somehow we as a society have forgotten how totake care of ourselves-- and we have becomeentirely dependent on big government to solveevery problem. Just like welfare was originallyintended to be a safety net, and ended up beinga way of life, so many other government programshave made people absolutely dependent on governmentin order to survive. You need only look at thestunning success of the U.S. (in its early years)and the failure of USSR, Cuba, etc to realizehow foolish (lowercase "f") it is to expectsomeone else to take care of you.People's feelings about reforming Social Securityseem to mirror their beliefs on federalism andbig central government dictating a uniform solution.What made the United States such a great countrywas our ability to merge peoples (imigrants) from all over the world and to try many new ideas-- some of which worked, some of which didnt work-- but on average the ones that worked dwarfed those that did not on a scale never before seen.The countries we left behind in "the old world"relied on central planning-- in most cases byvery caring and well intentioned governments--and those same countries are now in a race toprivatize their economies and become more likethe U.S. Meanwhile, the U.S. has become evermore socialist, expecting Uncle Sam to takeover the "burden" of thinking and working forourselves. How sad.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra