In Washington D.C. and around the states the debate is over GWB's idea of privatizing social security so that people could possibly get higher returns. This is a horrible idea. Here are a few reasons why I feel that way:
1). Social security came out of the Great Depression and was created by President Franklin D. Roosevelt to ensure people had some money to retire with. Many, many people lost their life savings playing the stock market. Now GWB wants people to risk playing the stock market again by investing their government security money?! That is how people lost their retirement money in the first place!-playing the stock market!!
2). People complain that social security benefits only pay out 1-2% while the stock market could possibly pay our more. The problem here is that there is also a possibility that investing your money in the stock market could give you 0% return. At least with the government you are guaranteed a return.
The stock market is a risky venture. It is basically gambling and I think it is irresponsible of the President to encourage people to take unnecessary risks with their government pention. People can still augment their retirement package with IRA's, 401k's and individual investments in stocks, bonds, etc.
Sure, Social Security will need to be adjusted for the younger generation to gain it's benefits but the GWB plan is not the way to go. It is (like so many of his other ideas/plans) unwise, risky and not well thought out.
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