Sunday, November 04, 2007

Star Parker on Social Security

Social Security always reminds me of that movie "Dumb and Dumber" where Jim Carrey and Jeff Daniels characters find that suitcase full of cash and they end up spending it all. In the process they write "IOU's", to keep track of where the money goes. "Don't lose THAT one, that's a Lamborghini!" one of them says (or something to that effect). It's obvious that there is no way that the money is ever going to come back upon presentation of the "IOU".

That's what our national "pension" system is. A big scam and a looming economic calamity for us. It's a stack of IOU's that are never going to be able to be redeemed.

Star Parker writes a column that talks about how Chile has been able to privatize it's Social Security system by giving its citizens a choice on whether to continue to participate in, or to opt out of the government administered program.

Hardly surprising, but 90% of the citizens choose to opt out of the government system.

Star's article is here.

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1 comment:

C.M. Strapz said...

Just wanted to point out one problem with your concept. If you made Social Security optional tomorrow, it would be bankrupt tomorrow. As you know, the current system survives by pilfering money from the young, handsome, virile working class members like myself. If I could opt out, I would, and there would be no more money for Grandma and Grandpa. It's the biggest pyramid scheme of all time, and the foundation is crumbling fast.

That said, I agree completely with your sentiment.