We had a chance to get in on the action but our Democratic rulers and masters in Washington are counter-intuitive. They unlike, the Chinese, do not trust the market, except of course for their own private equities. The Democrats scared our Republicans poopless over the surplus social security funds. Privately, Hillary Clinton, Al Gore, John Edwards and Democratic money man George Soros, have piles of money, and the piles gets bigger and bigger, because they are invested in US stocks and bonds. They denied that benefit to American pensioners.
That was easy for them to do in America because of one persistent American surplus, economic illiteracy. We have that by the bazillions.
No one can beat us in mass stupidity when it comes to to misunderstanding our own economic and capitalist system, courtesy of the trillions spent on US public education.
Maybe we will catch on when the surpluses in social security run out. Here is what the Republicans should be reminding the American public about what the leftist Democrats said in 2004:
Twelve Reasons Why Privatizing Social Security is a Bad Idea
Greg Anrig, Jr., Bernard Wasow, The Century Foundation, 12/14/2004
Addressing Social Security’s potential long-term financing challenges by taking the dramatic step of diverting its payroll taxes to create new personal accounts will have drastic consequences for federal finances, future retirees, and those who rely on the system the most. Learn more about twelve major reasons why less costly and less painful reforms should be considered instead.
Reason #1: Today's insurance to protect workers and their families against death and disability would be threatened.
Reason #2: Creating private accounts would make Social Security's financing problem worse, not better.
Reason #3: Creating private accounts could dampen economic growth, which would further weaken Social Security's future finances.
Reason #4: Privatization has been a disappointment elsewhere.
Reason #5: The odds are against individuals investing successfully.
Reason #6: What you get will depend on whether you retire when the market is up or down.
Reason #7: Wall Street would reap windfalls from your taxes.
Reason #8: Private accounts would require a new government bureaucracy.
Reason #9: Young people would be worse off.
Reason # 10: Women stand to lose the most.
Reason #11: African Americans and Latin Americans also would become more vulnerable under privatization.
Reason #12: Retirees will not be protected against inflation.