Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

Posted by taxguru on September 4, 2002

Gutless Wonders

It has long been axiomatic that the topic of Social Security is the third rail of politics. Anyone foolish enough to discuss changing it will be zapped with 50 million volts of electricity and fried to a crisp. Bush started his term in office with a proposal to allow people to divert a very tiny part of the money that would normally be flushed down the SS toilet into privately controlled accounts similar to IRAs. While it was a very wimpy approach to a very big problem, it was at least a step in the right direction.

As always, any possibility of even one dollar less money being sent to DC for our rulers to control is met with sheer gloom and doom reactions from the liberals and their propagandists in the media. Each time the stock market drops, they love to scream that privately controlled accounts would suffer. As I have explained before, this argument is ludicrous because it assumes that everyone will put all of their retirement money into risky stocks. While some people will do this, most prudent investors will opt for safer alternatives, such as bank CDs.

Bush’s brave attempt to broach the subject of personal control of retirement money has been stopped dead in its tracks and his fellow Republicans have been banned from even bringing up what they call the P word, privatization. I must admit that the GOP has an uphill battle in overcoming the liberal media bias and the difficulties in getting the truth out to the people. However, it would be nice to see the GOP with a bit more backbone. They cave in all too easily to have any confidence in their leadership abilities.

KMK

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