My congressman Democrat Adam Schiff lets the cat out of the bag -
Rep. Adam Schiff told a mostly friendly crowd Friday that the president's Social Security reform plan is destined to fail. And when it does, he said, Democrats must be ready to seize the victory if they are to regain control of Congress and the White House.
Great way to represent us Congressman. Don't debate the fiscal and moral value of having people invest in their own future, but try to stifle the debate before it ever happens. I worked for the Feds and the retirement system I had is similar to the one the President wants to implement. We had five funds and you could invest (from high to low risk) in foreign stocks, small-cap stocks, an indexed stock fund, bonds, or a money-market type account. No one forced you into high-risk stocks and you could mix-and-match your contributions. I had a great return on my account (and I still do). Those who are younger will, naturally, gravitate towards higher risk funds with the greatest returns and older investors (if they're smart) will go for the bonds or money-market type accounts, becuse they are low-risk and you don't want to incur risk when retirement looms.
Just because some people aren't financially savvy, doesn't mean you can deny the majority of Americans a better living in retirement. But then we've alotta noodleheads in my district who don't get it -
Few attending the forum were very sympathetic to Bush's proposals, and many took issue with his assertion that Social Security is facing a financial meltdown by 2042.
"I think this whole issue was raised by Republicans to make Bush and Cheney's friends on Wall St. richer,' said Shelley Stephens, 54, of South Pasadena.
After seeing her parents lose "hundreds of thousands of dollars' when the stock market crashed in 2000, Stephens said she is wary about diverting payroll taxes into private accounts.
"They are taking a stable program and turning it into a less stable program,' she said.
"This is a social program that works,' added 42-year-old Melanie Cicconi, also of South Pasadena. Though she agreed some adjustments must be made, she said the president's plan is too extreme.
"This is not an immediate crisis and there are so many different ways to solve this problem,' Cicconi said.
Several speakers took a more conspiratorial tone, asserting the entire debate is a red herring cooked up by Republicans to draw attention away from their controversial judicial appointments and the Halliburton scandal.
It's pretty simple for you financial Luddites, don't invest in the new program. Take the 1.3% return on your Social Security account, shut up, and let those who are smarter enjoy themselves in retirement.