Tax Guru-Ker$tetter Letter
Friday, August 03, 2001
The Emperor Has No Clothes
I hate to keep repeating the same subject; but there has been more coverage recently about the Social Security scam than at any time I can recall. While I would be overly optimistic to believe that this will actually lead to true reform, it's still a positive sign that people other than just rabid extremists, such as yours truly, are openly discussing it. This is a good piece from today's Washington Times.
The most amazing thing is that so many people are acting as if this is a new discovery. I can still remember my very first accounting class in 1973, where we analyzed the financial assumptions and mechanisms of the Social Security system. The conclusion was that it was an unsupportable pyramid scheme that would eventually collapse before any of us in the class reached retirement age.
Ever since that time, I have made it my mission for myself and everyone I work with to avoid pouring more money down this rat-hole. Real privatization is not to allow the government to invest part of your money in alternative investments. Real privatization is not sending any of that money to Washington and investing all of it ourselves for our own future needs.