Bush plans feeds Wall Street
Bush’s new retirement scheme for younger workers will allow them to divert 6.2 percent of their gross income into private investment accounts, and this doesn’t include brokerage fees. With Social Security you contribute 6.2 percent of your gross income, and your employer contributes 6.2 percent for a total of 12.4 percent. There’s no mention in Bush’s new plan of the investor’s amount being matched by his employer. What’s that tell you about Bush’s economics? He wants to let the employer off the hook, and the hell with Joe Six-pack. If that’s the case, Social Security will still be 6.2 percent above Wall Street because the employer will no longer be contributing his half; unless the rate of return compensates, and that’s a big “if.” And I’ll be damned before I let any broker speculate with my money.
Bush’s plan would pay the investor and, I guess, any beneficiaries. But suppose these investors have wives, husbands and children. Let’s also suppose an investor dies young. Do you honestly believe Wall Street is so kind at heart to pay investors’ offspring equitable monthly payments until they reach 18, or provide for their spouses? If you do, then you also believe in tooth fairies.
Not to mention the Supplemental Security Income that Social Security provides for people with disabilities. Of course the pipe dreamers will say, “that can never happen to me!” I’m too healthy.
Some 23 years ago, the government approved Individual Retirement Accounts; 401Ks were in existence many years before IRAs for the sole purpose of assisting the elderly when they retire. Has Bush grown completely oblivious of these retirement plans, providing you can afford to invest the maximum?
Most people probably don’t recall what Oct. 29, 1929 signifies. That’s the day Wall Street induced the Great Depression, which made life a living hell for 12 years. But, what’s a mere 12 years, right?
Then there’s the S&L fiasco of the ’80s because they weren’t FDIC insured. And of course, the more recent Enron scandal which lured many into thinking they had a beautiful nest egg. Of course, being a private firm, the CEOs and execs had one thing in mind – greed.
Perhaps I’m na?ve, but I can’t recall one incident where the Treasury Department failed their investors in bonds and T-bills. Of course if you’re a Rockefeller and don’t mind losing millions, fine. But don’t impose your economic tragedies on us peons who live from paycheck to paycheck.
The one thing that provokes me is when I hear members of Congress say Social Security is solid for at least 40 years. That’s “assuming” that the U.S. government doesn’t default. But based on the past records of Wall Street vs. government, give me the government. They’re a much more safe and sound investment. Lower yield? Perhaps, but at least I can count on it being there when I need it, and also have the pleasure of knowing I didn’t help make the fat cats on Wall Street fatter!
Randy Warnick
Smock
Don’t trust Bush’s meddling
George Bush lied to us when he told us the reason he went to war with Iraq was because they had weapons of mass destruction, and it turned out that they had none.
Now he tells us that he is trying to save Social Security. I don’t know of any Republican that voted for the Social Security program.
George Bush is no Franklin Roosevelt. I think that he should keep his nose out of the program. I don’t trust him.
Sophia Hovan
Masontown