Al Olson: Democrats afraid of the truth about privatizing Social Security
To the Editor:
When will the Democrats stop lying about Social Security reform? Whenever Obama or other Democrats talk about Social Security reform, they distort the issue by referring to privatization proposals as a radical plan to dump all contributions into speculative stocks. They know better.
Privatization plans have never envisioned including 100 percent of funds in private accounts. In fact, only one-sixth, or up to $1,000 per year of contributions, would have been privatized under President Bush’s plan.
Consider these factors: (1) Participation would be voluntary. (2) People 55 and older at the beginning would be ineligible. (3) Private investment would be limited to a menu of conservative options. (4) Balances remaining at death would be inherited.
In their desire to create more dependency on the government, the Democrats try hard to keep the public from understanding the benefits of a partially privatized Social Security system.
The sad truth is that low-income folks tend to have a below-average life expectancy. Consider the wealth going to low-income families as the parents die off. About $700 to $1,000 per year for 30-40 years would grow to tens of thousands, money that could be used for reliable transportation, vocational education or better housing. This wealth accumulation doesn’t require taxing anyone. It’s their money.
The Democrats don’t seem to want people to understand how this would work. If they did, they’d be insisting on it.
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