Tuesday, December 28, 2004


Social Security Hysteria

As usual, whenever liberals perceive any threat to their sacred cows, be it our ailing public schools, or in this case Social Security, they become hysterical. The so-called First Lady of the Press comes to mind with her latest rant.

Here are some of her pearls of wisdom:

Bush wants workers to earmark 2 percent of their Social Security payroll taxes for individual private investment accounts, a move that would undermine funding for the 69-year-old program that was designed to provide retirees with a secure income

The emphasis in Social Security should be on "security." Bush's plan to rely on the stock market undermines that value.

Now in my experience, most financial planners tell people who are looking to save money for a rainy day to invest in stocks, being that they have a record of outpacing inflation.

And between you and me, I have a hard time believing that Ms. Thomas and like minded people are relying ONLY on Social Security to finance their retirement. I think it would be safe to say that she has a good chunk of her own money invested in stocks.

But NOOO! Ms. Thomas doesn't want that for other Americans.

But, getting back to the viability of partially privatizing Social Security, Donald Luskin does a good job of responding to the usual bromides thrown out by those who want to keep raising our taxes to pay for this broken system.


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