Saving Social Security with personal retirement accounts
Our featured video for the next day or so. Courtesy Dan Mitchell from the Cato Institute.
It’s worth the eight minutes. What’s your idea?
Mitchell has a companion post at his blog. (I’m a bit behind, as this was posted Sept. 12, but it’s worth the review.)
Romney and Bachmann almost certainly understand that Social Security is actuarially bankrupt. And they probably realize that personal retirement accounts are the only long-run answer.
But they’re letting political ambition lure them into saying things that they know are not true. Why? Because they think Perry will lose votes and they can improve their respective chances of getting the GOP nomination.
Sounds like a smart approach, assuming truth and morality don’t matter.
The video…
A) Democrats don’t trust you (ask John Kerry)
B) Democrats think you are too incompetent to handle your own retirement
C) Democrats lose power over you (remember ?bama’s threats about check issuance?)
Let’s not forget the shortfalls due to the high unemployment over the past 3 years.
Adding to the shortfalls – the HIRE Act, whereby employers did not have to pay their 6.2% share of SS on certain new hires in 2010, and the reduction this year for the employee portion from 6.2% to 4.2%.
Individual responsibility is the key. Social Security was never meant to be the main or only source of retirement income. Unfortunately, too many people have developed an entitlement mentality, and have bought into the politicians’ lies that the government will take care of them.