Galveston County, Texas -- A model for Social Security reform

Story dated 16 March 2005

This article tells one of the most important (and therefore suppressed) stories about the true nature of the U.S. Social Security scam -- I mean 'program'. Many years ago, it was possible to opt out of the Federal Social Security program, which, if run by a private institution, would be considered criminal fraud and would result in prison-time. But this option wasn't available to everyone necessarily, just local government. That was back "before the U.S. Congress passed a "reform" bill in 1983 that closed the door for local governments to opt out of Social Security."

Speaking about the Galveston County plan, a county judge stated, "Our plan, put together by financial experts, was a "banking model" rather than an "investment model." To eliminate the risks of the up-and-down stock market, workers' contributions were put into conservative fixed-rate guaranteed annuities, rather than fluctuating stocks, bonds or mutual funds. Our results have been impressive: We've averaged about 6.5% annual rate of return over 24 years. And we've provided substantially better benefits in all three Social Security categories: retirement, survivorship, disability."

I actually like this plan better than Bush's plan. But the point is that there is a retirement plan out there that is significantly better than Social [in]Security right there in Texas. Any politician who tells you otherwise is either lying, or stupid. In either case, that politician should not be returned to office.

posted by The Sovereign Editor | 4:02 PM

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