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Wednesday, March 05, 2008

McCain Comes Out In Favor Of Private Accounts For Social Security

And good on him for it because it’s not an easy political position to have.

Washington – The Club for Growth praised John McCain for his support of personal savings accounts for Social Security even in the face of a fresh deluge of criticism from the Left.

A long-time supporter of personal savings accounts, McCain was attacked anew by the liberal media for reiterating his support in a Wall Street Journal interview for the kind of market-based reforms that will give workers a greater return on their Social Security taxes and relieve them from the ball and chain of government dependence.

This issue gets demagogued a lot, but really all private Social Security accounts are is a way to keep politicians from raiding SSN funds.  If we citizens are to be forced by law to save for our golden years through the machinations of an expensive bureaucracy the least the politicians could do is put our funds in accounts so they aren’t diverted to other projects.

Is not the point of Social Security to provide us with a “safety net” made of our own payroll contributions for our later years?  And if that’s true, why not keep our contributions unique to each individual citizen so that they aren’t used for something else?

There’s no good reason not to, except that it would mean politicians would have to keep their sticky fingers out of the money pot.  But that’s not a very good reason at all.

Comments

Hooray for MaConservative/LiberalCain !!! He’s got my vote. How does he feel about tax cuts?

Harvey Levy on March 5, 2008 at 04:48 pm

What is his plan..?  You can say you support anything, but if the plan you support is bad policy, than what do you have but more crap..?

Did he support Bush’s attemtp to move SS..?  Just wondering..

atease


atease

atease on March 5, 2008 at 05:27 pm
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There are several stupid reasons in favor, and several stupid reasons against.  You’ve aptly laid out the good reasons for; the good reason against is that the return will be lousy after management fees and overhead.  This objection can be overcome with a good plan, so we’ll see what St. McCain has.

jpe on March 5, 2008 at 06:36 pm
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If the point of private accounts is to put away our money so that greedy politicians can’t divert the money to their pet projects, why not just end Social Security and let us have our money? I know that ending SS is political suicide, but let’s be honest: private accounts are just conservative nanny statism. It assumes that Americans are too financially inept to plan for their own futures. Now if McCain allowed us to opt out of the system in exchange for no future SS benefits, that would be progress.

Ace on March 5, 2008 at 11:30 pm

...the good reason against is that the return will be lousy after management fees and overhead.

To the contrary; lots of people make money that way every day.


If you don’t know by now, don’t mess with it.

robert108 on March 5, 2008 at 11:41 pm
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why not just end Social Security and let us have our money? I know that ending SS is political suicide, but let’s be honest: private accounts are just conservative nanny statism. It assumes that Americans are too financially inept to plan for their own futures.

I think you’re letting the perfect be the enemy of the good here.  I’m all for ending SS and passing the money back to the American people, but political realities are what they are.

Private accounts would at least be an improvement.  Once we’ve moved in that direction, perhaps we can act further to give Americans even more control over this money.


When the people fear their government, there is tyranny; when the government fears the people, there is liberty.

-- Thomas Jefferson

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Rob on March 5, 2008 at 11:46 pm
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Realisticaly, the majority of people can’t take care of themselves. What a pathetic lot. They look to government to tell them how to do it, when to do it, where to do it, and what to do it with.  They are forever sucking on the government teat. SS should go to the private sector for investment, they “always” do a better job for less cost.  Government is expensive and wasteful.  Afterall, it is a large welfare system where efficiency does not exist.

R. Hogan on March 6, 2008 at 08:40 am
Avatar for Seth Williams

Actually Rob, McCain has advocated personal retirement accounts for some time now...since at least the late 90s. In fact, he has voted in favor of them in the past.

It’s odd to me that you could say to Ace that he’s letting “the perfect be the enemy of the good” on Social Security, yet you say you won’t vote for McCain because he’s not a good enough Conservative. I submit that you’re the one making the perfect the enemy of the good, because any serious vetting of McCain’s LONG record of service exposes him as a fairly solid-if not perfect-conservative.

Seth Williams on March 6, 2008 at 08:56 am
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More on SS:
[Democrats] argue—another way of saying that Americans are too dumb
to be entrusted with their own money. Much better to continue entrusting
it to Washington, which has managed Social Security so skillfully that
workers younger than 50 know they will never get back in benefits what
they are paying into the system now.” --Jeff Jacoby

R. Hogan on March 6, 2008 at 02:38 pm
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