But we can’t fix Social Security, AND Medicare, AND Medicaid, AND Obama Care, AND police the whole world.
We finally have to make some choices.
Here’s the way you fix Social Security, once and for all. First, the amount of money you’re entitled to is equal to your contributions, what your employer chipped in and the whopping 1% return that the Social Security Administration advertises. In my case, that will be about $120,000. At retirement age, I’d have the option of a lump sum payment or monthly checks until the money is exhausted.
Force people to take control of their retirement, or learn to live a very meager existence in their later years. Even FDR said that Social Security would have to be eventually replaced by private accounts, linked to investments that actually paid a decent rate of return.
Sadly, most Americans don’t understand the concept of long-term investing and compound interest. They’re more than content to remain latched to the government teat, and let someone else foot the bill.
If you watch nothing else today....please watch this short illustration lesson. This is a non-partisan video produced by an accountant, Hal Mason, who retired after 27 years with IBM. He looks at the budget, its revenues and expenses, and very simply illustrates the financial problems of the U.S.
Amazingly, we get all the media talking heads blathering and shouting for hours and never give us clarity. This guy does it in a few minutes. The message seems to be very clear. Where Greece is today, we will be tomorrow, unless our representatives in Washington start to take some very decisive steps.