I get Mauldin's newsletter for reasons I can't recall but never open it. Now I know why. First of all, if income taxes had been left where they were, we would have gradually paid down a lot of the debt which would then build back up when needed (Remember when Greenspan thought we would pay down the debt too fast?). Then, of course, we took on an optional war and nation building which are adding to the deficit (You might want to read Bush 41's biography of regarding Desert Storm as To why he didn't pursue Saddam.). So things are quite a mess. I presume since I am in my early 70s that I will not be around to face the consequences our government is bringing on itself.As to private accounts, the figure most often mentioned is 2% of Social Security payments. This amounts to something like $35 a month for the average worker. Even in this age of computers, it will be largely eaten up by administrative costs. And what of people who make bad choices? Or those who need the money in a stock market downturn? Do we just let them starve in the streets? Doesn't sound like America, but no doubt there will be those that feel such people deserve it.Since the Federal government increasingly seems unable to deal with problems, I guess we are more and more putting ourselves in the hands of the plutocrats and their foundations or other contributions. As a retired scientific researcher, I can testify that the Keck foundation largely kept American science competitive through the donations of scientific equipment to American scientific institutions. But I think I read that this foundation no longer exists. Peraps another plutocrat will come along to pick up that cudgel.brucedoe
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