Monday, January 10, 2005

Clearly, they're not thinking ahead.

A USAToday poll shows that 54% of "young people" prefer Bush's plan to allow them to invest their social security money into private accounts.

But they also think "reality TV" isn't scripted.

I weep for the future, because it's in the hands of people who have no concept of the past. The Social Security Act was created BECAUSE of money lost on Wall Street due to the stock market crash of 1929. Millions lost their entire life savings when stocks collapsed and banks went broke. President F.D. Roosevelt created the SSA as insurance against another failure. It was a deal between the worker and his government that x-number of dollars would be there when they got old--no matter how the stock market turned out.

Now, that will be undone. These young people are being lured in by the lottery-style false hopes of Wall Street jackpots. Sorry, kids, but the people winning on this deal WON'T be YOU. It will be the brokers who rake in billions in fees, and the expert traders who know what they're doing.

(Go read up about the Dot.Com bust a few years back. Millions were invested into internet start-ups that flopped almost overnight. Where'd all those invested millions go? Into the private bank accounts of the "CEO"s who got stinking rich off companies that never made a dime in profits! The investors lost their silk shirts; the "failed" owners got new Ferraris. TAKE THE HINT!)

What's irritating is KNOWING that when these youngsters get old and their money is long lost to bad investments, they will STILL come crawling to the government to bail them out. And either they'll be turned away to fend for themselves, or they will get checks at the expense of those who were smart enough not to gamble--because all those added people will reduce benefits for everyone.

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