[Vision2020] Question for those that want to privatize social security

[Donovan Arnold]

Coop, Nick, and Pat,

To put privatized social security in layman's terms; Imagine if a 40 year 
old man took his 10 year old son into a bank and said to the teller, "I 
would like to deposit $50,000 into a savings bond that my son will be making 
over the next 35 years". It doesn't make any sense. You cannot invest 
potential earnings, you can only invest with cash you already have. That is 
what social security is, only potential money, not real money, you cannot 
invest with it.

I do agree with Pat on the point that Social Security is in Trouble, and 
needs to be adjusted for the changing culture of longer life spans and 
higher medical costs. This is the why SS is in trouble, it is not because of 
bad investment habits of social security. So changing the investment habits 
of SS to fix the problem is like getting an engine rebuild to fix the flat 
tire.

I personally think the best way to deal with the social security problem is 
to just not put people on it that don't need it. Honestly, does Bill Gates 
need a $667 a month check from Social Security? Social Security seems to be 
administered to early, uniformly, and unfairly.

I would have the system designed to pay according to income level and the 
amount someone pays in. I also would set it so that people only get SS when 
they are 10 years away from the end of their life based on race and 
socioeconomic classes. For example, if we don't get SS until 68, and Black 
men only live to 66, statistically, it is black men paying for everyone 
else. This policy is unfair.

I also think that Social Security should be a Security Net, not a retirement 
fund. It should only be paid out to those that need it or are on the last 
journey of their lives.

I think if people want to invest in the stock market, they should be able to 
freely do so, but they should invest their money, and their pay checks, not 
the pay checks of those of advanced age or who have a disability.

Next to national defense, SS is the most important thing that the federal 
government does. We need to keep it intact.

Thanks,

Donovan J Arnold