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December 22, 2004
He's got a bad haircut but...
There's been a lot said about Social Security privatization lately from the blogs to Governor Bush who admitted he has no idea what he's talking about:
And so, I just want to try to condition you. I'm not doing a very good job, because the other day in the Oval, when the press pool came in, I was asked about this — the — a series of questions — a question on Social Security with these different aspects to it. And I said, I'm not going to negotiate with myself. And I will negotiate at the appropriate time with the law writers. And so, thank you for trying.
However, Mark Cuban, internet billionaire, professional twit and owner of the Dallas Mavericks has some very important things to say about this issue.
But before I quote Cuban, remember, SS was designed not as a savings account for retirement, that's what 401(k)'s, pensions (nevermind the corporate looting of employee pension funds) and IRA's are for. SS was designed as a safety net to keep people from slipping into absolute poverty once they lose their means of financial support, not as a slush fund for the government to steal (remember Al Gore's "Lock Box?") from when it digs itself into a deficit as has been going on for the last four years. Now the government says there's a crisis in SS, although there really isn't but there may be a fiscal crisis hiding if SS is undone.
Anway, Cuban's take on this deal is that it's a sucker's game.
Along comes the Presidents proposal which kind of flips the logic. Now the admission is no longer that we as individuals can no longer save money, its that we as a country can no longer save money. Our politicians who might have been able to save money in better times, didnt. As a result, as a country it appears that we will be unable to meet our future obligations for Social Security.
Rather than shaving off all the pork we feed our politicians, and beyond in order to create funding to meet our obligation, the President has decided to relinquish part of the obligation back to us, in hopes that each of us make more than the government could, and pay for more of our own, and our childrens future. To put it another way, keep some of your social security contributions and play the financial markets lottery.
The one quote that stands out from the Bush Administration in all this is Scottie McClellan telling reporters that people have to be convinced there's a crisis. Thanks for the sincere convincing Scottie.
Posted by Half-Cocked at December 22, 2004 12:12 AM