Originally posted by: Rob9874
But as a citizen in a free country, I am entitled that freedom to make that risk. It's MY money. I earned it. Why does the government decide what I do with it for retirement? True, there has been many opportunities in the past few years to lose money in the stock market, and liberals are using that as ammunition for the non-privitization of SS. But not everyone has lost money in recent years. It's this attitude that I'm too stupid to know how to invest for my retirement, and I need the government to take care of me.
Sure, until someone like Ken Lay or the other corrupt (but as yet unpunished criminals) accidentally loses it all like they did their employees retirement. The private firm uses the money to cover other losses until it becomes bankrupt, or uses it to buy stock on margin to prop up the highly overvalued stock price until it collapses, etc.
So, here you are, 60 years old, and all of your savings have disappeared overnight. You cannot afford to retire. Your money is simply gone, vanished into another corporate stock fraud, and now you'll spend your time eating hand to mouth (if you are lucky and still employable) or will have to find some way to subsidize your life.
Guess who will be crying to the government to help them out in that case?
The simple fact is that the stock market is not nearly as secure as keeping social security within the province of an established and regulated system.
Just imagine if social security was already privatized and 90% of its value was lost to our current recession or corporate fraud - how do you propose we help the millions of current retirees drawing social security?
Or do you want them to live under the bridges and starve. Or have 70 year olds working as baggage clerks to ensure that they can afford to eat.
Don't think for a second that your 65 year old self wouldn't come crying to the government to help you out if it was your money that magically vanished.