Subject: RE: I'm For Personal SS Accounts: Here's Why.-not
The first people to 'join' social security were not those of us born during the 1930's. Our grandparents were social security recipients before us--and their parents before them. Those of us who were born during the 1930's have just begun reaching retirement age beginning with 1995. (1992 for those who took early retirement).
Annuities with their fixed and low returns rejoice everytime a person buys an annuity. They stand to make money on the instrument.
The mutual funds which were mentioned do a great job of investing other folks money but they do not go up without interruption. They sometimes go down and for many years there performance is flat indeed.
And money does not, in and of itself, build wealth.It may be great score-keeper but it doesn't build wealth. Factories and production build a gross national product which builds wealth.
Politicians have 'dipped' into social security funds to finance programs with shortfall, without being required to pay it back, and this has impacted the financial stability of the program.
