Personal Social Security Accounts

Yep, I'm gonna beat that horse again. He's not dead, and In My Opinion, he's showing signs of life everywhere except in DC.

Did you know there are 30 countries in the world that have personal retirement accounts for their citizens? I'm the product of a government (public school) education, so my logic and reasoning tends to be somewhat faulty. (Over the last few years I've been attempting to re-educate myself, but it's slow going trying to make up for 14 years of indoctrination). But if countries like Sweden, the UK, Argentina, the Netherlands, and Chile, not to mention most Latin American and Central and Eastern European countries, and some Eastern Asia-Pacific countries are going to a personal (not private) retirement accounts, doesn't make sense that the greatest country in the world at least consider it?

Now, as a general rule of principle, I think that if the Euro-weenies are doing something, then we should stay away from it. This is an exception. From the reading I've done, citizens of other countries are receiving very nice retirements from their personal investments into the state retirement system.

Citizens who were receiving benefits when the country switched to the "new" system continued to receive the benefits they received under the "old" system. Current employees were given the choice of going into the "new" system or staying with the "old" system. New employees automatically went into the "new" system. Sound familiar? That's what President Bush has promised would happen in the US if we go to a personal retirement account system.

Current SS beneficiaries and those at 55 years of age or older would see NO change in their benefits. Employees under 55 would have a choice of staying with SS as it is, or going to the "new" system. New employees would go into the "new" system as they hire on. Gramma is not going to lose her benefits and go hungry. Gramps is not going to lose his house in order to eat. Uncle Joe at 58 will get the same benefits when he retires that he would be entitled to if there were no change. As for me, I am under 55, I will have a choice to stay or to change. I will receive full benefits at age 67. Not everyone will reach retirement age at 65 these days. Go to SSA.gov and look up your account. It wil tell you at what age you will be entitled to full benefits.

And now, some Republicans are talking about raising the retirement age to 69. Thus ensuring that certain members of our society will not receive the benefits they paid for all their working lives. Oh, who am I talking about? Specifically black men. Black men die earlier than any other group and receive less in benefits because of their early death rate.

Black men and women should be screaming to their Congressional representatives in both the House and Senate to resolve this situation to make it more fair and equitable for Black Americans. This is one area where I believe blacks are descrimated against. It's not right, it's not fair, and it needs to be changed.

If personal retirement accounts are good enough for Central Europeans and United States Federal government employees (the Thrift system), it should be good enough for the American taxpayer.

Thanks to No Speed Bumps for the link to the National Center for Policy Analysis.