In all the sturm und drang over Social Security, there remains this one immutable fact: the plan that the President is proposing is slightly less generous than the plan that Members of Congress now have. They are allowed to invest their money in a thing called the Thrift Savings Program, which enjoys an outstanding rate of return, certainly besting the puny 1% that you get with Social Security.
Maybe the President should call this the “Social Security Parity Act”, to give all Americans parity with Members of Congress. Also, don’t you wonder how NJ Senator Jon Corzine, former Chairman of Goldman-Sachs, can be against giving people the option of investing a portion of their money in a personal account? He has seen what that can do, and has personally benefited from the power of the market. Ironically, his website even notes his leadership in promoting financial literacy among young people. Guess his course doesn’t include the concept — basic to every primer on investment — of the time value of money.
Or maybe it’s just that now that he’s on board, he wants to pull up the ladder for the rest of us.
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