Social Security Privatization Is a Ruse?
My post on social security drew an amazing response . While I simply, and innocently, introduced differences in two presidential candidate’s approaches to social security, the discussion opened many doors and, I’m sure, many retirement planning projects.
Most felt, as do I, that social security is a failing system that should not be depended on. Talk of “cultural mindshifts” to get people to take care of themselves and how changing demographics require a change in the system, were followed by a stunningly detailed response by Alan Lidstone (who didn’t leave a link or way to get back to him, sorry).
Alan wrote well of how the system REALLY works revealing that movements towards privatizing are really designed to make the system fail by those who don’t like social security. He discussed the hypocritical willingness of politicians to slam the idea that social security will begin redeeming US Treasury Securities soon while seemingly advocating their redemption by foreign governments:
“The “full faith and credit” of the US Treasury securities applies to Saudi Arabia and China, and anyone else who buys US Treasury securities, and they are perfectly free to redeem their US Treasury securities and bonds when they come due. Unfortunately, far too many people feel that the “full faith and credit” of the U.S. Government does not apply to the US Treasury securities and bonds amounting to $1.844 Trillion Dollars held in Social Security Trust Fund and the $338 Million Dollars held in various Medicare Trust Funds.”
What do you think of Alan’s analysis? Are we being set up for social security’s failure by those advocating privatization? How does this affect your thinking on whether social security ought to be a government program in the first place (more on this in my next post!)?
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