Congressman George Miller, chair of the House Education and Labor Committee has called 401k)s a big failure. According to the Wall Street Journal, he recently held a hearing to ponder alternatives to them. One of those alternatives would be to nationalize pensions and replace them with special bonds administered by Social Security. Does that sound familiar? Argentina is in the process of doing just that. They plan to seize all the private pension assets and promise benefits paid out of the Social Security system there. This is being done because the government of Argentina has a big cash need.
Of course, if the government in the USA did seize the assets in pension plans there is no guarantee that anyone would ever see them again. They would be spent on current government needs and we would get a promise of future benefit, unfunded. Sounds like piling onto a currently very broken system to me.
Don't let this happen. Let your congressmen know that you want to retain ownership of your possessions.
Save Social Security, Now
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I have an idea that my research demonstrates has merit. It is focused on providing liquidity to the Social Security retirement benefits. I have provided my blog address as identification and will gladly provide my research as a proof of concept.
The idea is contained in the name of the name - LASSIE - Leaders Advocating Social Security In Escrow. The basic concept is simple - there are those among us that really don't have to have their retirement benefits paid out, but, to keep from losing what they paid in are obliged to accept the payments. My intention is to promote a method of leaving that money in the system (as if it really existed) and tag the payments for future generations by social security numbers designated by the prospective recipient.
It has merit. My PhD research demonstrates on a conceptual basis the numbers work. It would greatly facilitate the hurdle posed by the baby boomer bulge (of which I am one).
Regards to all, Richard Mays Owen
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