I’ve been a big fan of privatizing social security, at least reforming it, on the basis that the richest group of people in America are 65 and older. No matter how rich someone gets, they still benefits. I’m sure those old fogies are sending their SS checks directly to the nearest charity. Also, it sucks that people get no return on their initial investment with SS. That is essentially the government stealing from the poor to give to …whomever. So, I like privatization, but why does an American have to invest in the stock market for tax free status. I’ve been burned by the stock market big time. Am I supposed to feel good if my money is yoinked by mutual fund managers and crooked CEOs, rather than the government?
Posted at 10:53 am by Johnny B
|Posted by BP @ 03/09/2005 08:15 AM PST|
One, income tax is not in the least bit constituitional anyway, and neither is social security, however the former has created a monster that unfortunately needs to be fed, and the latter was a “promise” that was made to seniors 70 years ago that needs to be kept, and the only way to keep it is to get better returns than the one percent that the current fund is getting is to privatize.
Two, you don’t have to put money in AOL, Intel, and Ebay stock to get decent returns. The money can easily be invested in municipal bonds and blue chip stocks and get double or triple the returns that they’re currently getting at very very low risk.
The logic is that your average person doesn’t have the resources or the know-how to put their money to get virtually risk-free decent returns, and since it’s not politically feasible for lawmakers to say…”Hey let’s just get rid of that Social Security thing altogether and let folks invest their own damn money!”, the “lesser of two evils” is the one that’s going to actually keep up with inflation.
|Posted by Jordan @ 03/13/2005 05:53 PM PST|
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration.
You meant, income tax shouldn’t be constitutional?
|Posted by BP @ 03/14/2005 11:10 PM PST|
|I stand corrected.
Here’s an interesting little history…http://www.wealth4freedom.com/16thHistory.htm