Re: Social Security trap...

From: "Tricia P" <tpete@hotmail.com>
Subject: Re: Social Security trap...
Date: Wed, 10 Mar 1999 11:31:28 PST

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Whoops!  I sent a response to Jeff's posting earlier but it was too 
long.  Will try again...so you can disregard the first one, Jeff.  
Anyway, I, for one, am really wondering how "privatizing" social 
security is really going to help it.  I mean, obviously some changes 
need to be made, but I don't know see how trusting it to some stock 
brokerage or financial institution is going to make it so much better, 
as some people seem to believe.  I can't say that I necessarily trust 
these folks anymore than I do my government.  Plus, there are some 
public services that I just don't think belong in private hands, and 
this is one of them.  Another thing to consider is that a lot of people 
aren't going to know how to invest these funds in their privatized IRA 
accounts.  I know people in their 20's and 30's who have their 403(b) 
and 457 funds invested in GIC's.  The returns on those aren't any better 
than the ones social security can expect.  I should add that I 
absolutely *don't* have a problem with the gov't diversifying at least 
some of it's investments into something other than treasury bonds, but I 
am dead sent against privatization.  I don't see how it's going to make 
the system so much better, especially if the gov't decides to diversify 
it's investments, and it seems to me that someone stands to make some 
big fat profits off this...and I bet they're the ones who are screaming 
the loudest for privatization.
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