Sunday, February 06, 2005
Private Accounts Already Exist. Can You Say IRA?
If it's private accounts you want, open an IRA. It's what they're for - private, personal, Individual Retirement Accounts (now called "Arrangements"). They already exist. They're easy to open, own and manage. We don't need no stinkin' private accounts. We already got 'em. The problem is you're limited as to how much you can put in - far less than you will supposedly be "allowed" to set aside from your half of Social Security.
Why not take the lid off the amount you can contribute to your IRA - both the traditional (pre-tax earnings) and the Roth (after-tax earnings)? That would solve 99% of retirees' needs to save for retirement. They have all of the benefits of Bush's private accounts - and none of the downsides - like you aren't forced to invest in nothing but Social Security bonds - the secret Bush plan to rip off America that I posted yesterday.
But watch out - the next con that's coming? They're going to tax your tax deductible IRA. This will happen by 2010. You read it here first.
Any politician reading this: just remember - there are 70 million baby boomers who vote. You piss them off and your ass is out of Washington - guaranteed. Get your political shit together and maybe they will keep you in office. Screw them and they will screw you for sure. Now go ahead and put your Social Security plan together.
