In order for George Bush to show the viability of his Social Security Initiative, I propose that he lead by example.
Every president receives a $400,000 per year lifetime stipend. If George believes so strongly in the "Ownership Society", then he should agree to "investing" the same portion of his future proceeds as he's asking Americans to invest theirs.
As Mr. Bush is already a millionaire and very likely to remain one for the rest of his life, this action would be purely symbolic. It would however demonstrate one aspect of leadership: not asking your troops to do anything you wouldn't do yourself.
1 comment:
Mr. Bush and the others who support 'privatizing' Social Security are missing the point.
It is not "Social windfall-profits-for-the-banking-and-investment-community".
It is "Social Security".
A system whereby the government GUARANTEES that you will have money as you invest in it.
Make a lot of money? You'll have more.
Make minimum wage? You'll have less.
No socialist "all for one, and one for all" propaganda piece. It is a fair system that you pay into, and then (if you live long enough) you can draw from.
(Minus a few (naturally) government restrictions.)
Everyone is entitiled to invest any and all of their disposable income in the stock market, or the futures market, or in bonds or insurance policies.
If you'd like to believe that that form of investment is fool-proof, please look at the years (coincidence?) of the current Bush administration when BILLIONS of dollars disappeared in the economy due to Stock Market losses.
Could you afford that to happen to your Social Security?
One day the Federal Reserve announces that: "Oops! we changed the interest rate formula, and Wall Street took a tumble." One or two years ahead of your planned early retirement date, and your net worth is zero.
No fallback plan. It WAS your fallback plan!
Nice!
...and the government?
They washed their hands of that mess 25 years earlier, you are on your own!
Why let politicians off easy?
Let them keep their hand in and manage this thing!
I have to do things at work I don't like, let them share my burden!
DWS
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