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February 13, 2016

DAILYKENN.com -- Workers in nations that allow privatized social security come out ahead of workers in nations where social security is managed by government bureaucrats. 

In 1980 Chile implemented privatized social security. That constitutes a 36-year laboratory that allows us to observe and analyze its effects. The result are undeniable: Workers in Chile are more socially secure than workers in the United States. 

Currently, 12.4% of your earned income is sent to an account owned by the federal government. Your money is not stored in a secure lock box awaiting your retirement. Rather, bureaucrats and politicians effectively take your money and spend it on inefficient government programs.

The money I paid into Social Security was spent the moment it was deposited in the government's bank account. The retirement I receive from Social Security comes from current workers' "contributions." It's a Ponzi scheme that lands private citizens in prison when they do the same. 

In 2014 federal bureaucrats and politicians spent $63-billion more on social security than received. That's massive Ponzi-scheme deficit spending. 

In other words, your social security is anything but secure in the hands of government agents. 

Even left-leaning Bill Clinton understood the problem back in the 1990s. He proposed Universal Savings Accounts (USA) that would place workers' money outside the reach of government Ponzi schemers. Tragically, Clinton's entire agenda was derailed by his moral impropriety. 

Over-reaching government force never bodes well for citizens. It never has. It never will. 

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