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Canuck57[_9_]

On 12/06/2010 2:20 PM, wrote:
On Sat, 12 Jun 2010 11:09:43 -0700, "nom=de=plume"
wrote:

Bush was the one who wanted to privatize social security.
Thank GOD that didn't go through. He's the one who went on a spending and
tax give-away for 7 years.

Privatizing SS would actually take money away from the government.
Taxing the hell out of your 401k gives the government money.

The real issue is, would your money have done better in a decent
portfolio of investments over 40 years, than it would in a PAID FOR
social security plan. I understand SS is a great deal but it is
unsustainable and far more generous for the amount invested because
politicians sold out our kids to the voters.(see Tyler). Unfortunately
I still say the whole idea of 62 year old retirees is unsustainable.
The Clinton era thinking that said people should be downsized into
company pension programs at 50 pretty much killed the private pension
system.

There is no doubt it would do better in your hands than the government.
Unless you do something stupid like cash it out.

Governemtns, as do corporate pension plans play the game of slight.
Pension managers not in your interest can use said funds to invest in
stuff no on else would. Another way of skiming is add executives to the
plan but not with the contributions to support their take. Case in
point, Paul Stern of nortel fame, got almost $1M a year but NorTel never
put the millions needed to support his take. Washing out the rank and
file. Most pension plans will not tell you what it is worth to you in cash.

In may case when I left Nortel in 1995, I put the money in my own
account. I am not 65 yet, but it already cranks out more than they
predicted. And it hasn't taken two depreciation hits and is not at risk
as if it was in NorTel.

Pensions are often scams when you look at them closely, someone is
always skiming them.
--
Taxation, modern day slavery. The loss of economic freedom.