Wednesday, January 26, 2005

Why Social Security should not be privatised

News Broadcast from 2030:

--Newsguy: The market took yet another tumble today after a poor jobs-report for the 3rd qaurter. Combined with investment loses in Florida and gulf coast relastate due to rising sea levels the market is down 15%. The CEO's of six of the firms who handle private retirement funds for the Federal government have petitioned Congress and the White House to bail them out, thus securing the retirement incomes of millions of Americans.

Investment CEO: With the market at current levels the only way we can gaurentee sollvency is the the Fed to help us out--

This is the future if we privatise Social Security. Privatising simply adds a whole new layer of unaccountable management ontop of the existing system. And sets up a system that where the investment firms will have little reason to fear bad investments since they know that they can always feed at the Federal (the tax payer) trough incase things go south.

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