Social Security a
la
Wall Street?
|
|
 |
Social Security a la
Wall Street?
by Robert Winter
There have been a number of reports lately of a drive to "privatize" Social Security—essentially, by having the government continue to withhold money from people’s pay, but turning the money over to whomever individual taxpayers designate from a set of government-approved investment managers in the private sector.
Given today’s prevailing political symbolism and iconography, it would be difficult to imagine a more initially attractive prospect. Instead of continuing to have our retirement money managed by the government (perceived as feckless, irresponsible, and indifferent), why not transfer the task to the private sector (seen as efficient, responsible, and service-oriented)?
In terms of its actual, practical implications, though, the prospect of entrusting our retirement funds to the money managers of Wall Street should give us pause.
(c) COPYRIGHT 1998 ROBERT WINTER. ALL RIGHTS RESERVED.
More Specifics |
|
Wall Street often perversely revels in the real world's troubles, like unemployment.
|
|
|
The stock market's record highs appear to have been driven by "captive money."
|
|
|
The "captive money" driving Wall Street's boom already consists largely of people's retirement money.
|
|
|
The stock market may not be a "bubble"--but is it prudent to bet everything that it's not?
|
|
|
Corporations with large amounts of Social Security funds invested in them could grow beyond the reach of civil control.
|
|
|
Privatizing Social Security could ultimately thwart political consensus on issues as basic as reducing unemployment. |
|
|
|
|
 |
