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Author: ravvt Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5267  
Subject: Re: Pension Reform Date: 12/15/2005 5:42 PM
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Social Security is a glorified pension system ain't it?

...no, Social Security is a welfare program. It takes money from people who are working and it gives that money to people who are not working...that, by definition, is a welfare program. Any discussion about money from one generation paying for the previous generation blah, blah, blah is just the marketing hype put forward by the politicians who foisted this program on us in the first place.

Since the Congress can change / reduce / modify your retirement benefit in any way they choose, you will not be able to have confidence that you will have a useful retirement benefit unless you OWN your own pension assets. The only way that can happen is if a sizable portion of your FICA taxes goes into an account with your name on it...until then, you are totally at the mercy of the best Congress that money can buy...
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