Tuesday, August 10, 2004

Pile On - Let's Talk SSI

Since Kerry is so woefully overmatched on the Vietnam stories, and with his Senate record coming into focus, let's add another layer: his Social Security proposal doesn't add up.

Not privatizing the system for new workers is a pathetic position that makes absolutely no financial sense. The present return on SSI contributions is under 2%. The entire "balance" is forfeited upon death. Would anyone invest even a dime if a prospectus described a similar "investment"?

Waving privatization around like it poses a threat to existing benefits is interesting. Why not just admit that SSI is a ponzi scheme? Why not address the real problem with SSI - it has bloated benefits? It has a reckoning day looming.

How will you solve the problem, John? Don't tell us what you won't do - tell us what you will do.

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