As I pointed out in my blog post about Entitlement Spending, the Social Security and Medicare trust fund has over $100 trillion in unfunded liabilities. How will
One option would be to take the suggestion of the Service Employees International Union (SEIU) that wants to centralize all retirement plans for American workers, including private 401(k) plans, under one new retirement system for the
The SEIU suggests this plan would provide universal security and adequate income for future retirees. This pool of assets – yours, mine, everyone else’s, and the unfunded liability of social security would be professionally managed.
When I watch our government take over car companies, financial institutions, health care, and now maybe add our retirement accounts, I ask the question: have we left capitalism and are we zooming right past socialism? If you have reached the age of 59 ½ is now the time to maybe draw down your retirement account?
What happened to personal freedom and personal responsibility? I would love to hear your comments on this one.
Thanks for having the courage to bring these details into the open. Personal freedom dimishes as the goverment increases. Personal responsibility has given way to entitlement. The country is waking up; however, it will take a concentrated effort over a long period of time to slow down the "socialim express" Too many citizens have forgotten the foundation upon which America was built and they do not grasp the American ideology. Until there is a dramatic shift in attitude I do not see hope for the America of our founders.
Posted by: Linda Howard | April 05, 2010 at 01:55 PM
I will add one more comment. I believe the only hope for America lies in 2 Chronicles 7:14
Posted by: Linda Howard | April 05, 2010 at 02:01 PM
We haven't been a capitalist economy in quite sometime, that would require most of the population actually owning capital. Rather we have been organized under principles of a corporatism that has produced an alliance of big business and big government, allowing the centralization of wealth and politcal power. My guess is that nothing would make Wall Street happier than a centralized retirement system, since they are the ones who would be managing the assets and collecting the fees.
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