[Vision2020] Social Security (was: public schools & indoctrination)

[Dale Courtney]

Scott asks:
> Please provide more information of how privatization
> of Social Security would create a "transfer of wealth"
> and why this is prohibited under the present system
> and yet allowed under a privatized system.

Individual accounts provide an opportunity to address problems with SSA's
impact on wealth accumulation, the intergenerational transfer of wealth, and
the inequality of wealth in America.
Poor households currently save very little and therefore own almost no
financial wealth at retirement. As a result, the distribution of
*bequeathable* wealth among retirees in the United States is highly unequal.
There is strong evidence that Social Security may be contributing to that
inequality. See the Cato Institute's findings on this matter:
http://www.socialsecurity.org/pubs/ssps/ssp23.pdf

One example: the average black male pays into SSA his entire working life.
His current life expectancy puts him dying below the average age of
receiving the benefits. And yet he cannot "will" (bequeath) the money he has
paid into the system to any of his children.

A system of individual accounts would allow workers to accumulate real and
*bequeathable* wealth, leading ultimately to greater overall equality of
wealth. Social Security privatization therefore becomes the truly
progressive option for reform.

Best,
Dale

(the above is from the Cato Institute's research site on SSA)