Bush eyes 4% cap on Private Investments from Social Security Takings

Story dated 04 January 2005

"President Bush is focusing on a Social Security proposal that would allow younger workers to invest up to 4 percent of their payroll taxes in private accounts, with contributions limited to $1,000 to $1,300 a year, the Associated Press reported Tuesday, citing an administration official." This is a very important first step toward self-ownership of your retirement accounts. While I disagree with many things that the Bush administration does, I fully support their reintroduction to the idea of self-ownership into American parlance. You have to remember that the government does not own you; you do. As such, you ought to be allowed to use your money in any way you see fit. The current Social Security scheme would be criminal if a private individual tried to institute it. Imagine if a company developed a retirement fund that would take 14% of your paycheck for years, and then not even give you the original amount when you retired. Or how about this: you go to college and accumulate $60,000 in debt. What would happen to you if you refused to pay back not only interest, but also the full amount of the principal? You would be locked up. Yet, we let the government do exactly that to us with Social Security. It's time to put our collective feet down and demand that our servant government stop stealing from us.
---------Social Security: Strong Program or Ponzi Scheme?

posted by The Sovereign Editor | 2:37 PM

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