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Tuesday, October 8, 2013

Social security

I just got an email from the US Chamber of Commerce that said social security benefits will be cut if the debt ceiling isn't raised.

That got me thinking.

Remember when there was a debate about privatizing social security?

It was in the 90s, I can't remember the exact year.  But, I do remember it because I was CPA'ing at the time and was kinda excited about it.  The idea was to take all of the money that you have invested in social security and put it in a private account for you.  All of that money which was going down a big black hole could be in a private account that I could manage?  Cool!

You could then invest the money however you like, the money would be in your account for you.

We used to get annual statements from social security saying how much we have paid in and how much we would get upon retirement.  Remember those?  I haven't gotten one for about 5 years.  Have you?

Even though I can't remember exactly when it was, I do remember the exact response from liberals.

(There is a reason I call these rants.)

Liberals screamed from the rooftops that those crazy, evil, nasty, grandma-killing Republicans wanted to take your money and put it in the evil private sector.

The private sector, like you know, a bank.

Guess what happened?  The liberals won, of course with their scare tactics.  Social security wasn't privatized.  All of that money stayed within the "noble" government system.

(Obama called a life spent in government service, the "highest calling" watch future rants, there are sure to be some.)

So, all this money stayed in the government, it was not put into individual bank accounts with your name on it where you could control it and watch it grow.  You have paid or will pay more into social security than you will spend on anything else your entire life.


So, now hard working Americans who put their hard earned money into social security aren't going to get paid.

And, you may never see a dime of your investment either.

Score another point to Washington and a big old "0" for hard working American citizens.