Allow me to highlight what part of President Bush’s speech yesterday appealed most to me:
Third, any reform of Social Security must replace the empty promises being made to younger workers with real assets, real money. I believe the best way to achieve this goal is to give younger workers the option, the opportunity if they so choose, of putting a portion of their payroll taxes into a voluntary personal retirement account. Because this money is saved and invested, younger workers would have the opportunity to receive a higher rate of return on their money than the current Social Security system can provide.
The money from a voluntary personal retirement account would supplement the check one receives from Social Security. In a reformed Social Security system, voluntary personal retirement accounts would offer workers a number of investment options that are simple and easy to understand. I know some Americans have reservations about investing in the stock market, so I propose that one investment option consist entirely of Treasury bonds, which are backed by the full faith and credit of the United States government.
Options like this will make voluntary personal retirement accounts a safer investment that will allow an American to build a nest egg that he or she can pass on to whomever he or she chooses. Americans who would choose not to save in a personal account would still be able to count on a Social Security check equal to or higher than the benefits of today’s seniors.(emphasis added)
Imagine the power of this proposal! Social Security would no longer be something that goes away when you die, YOU would actually be able to pass on the money YOU invested into it to your children, for example, if you die before you received your money. In this aspect, it would be very similar to how a 401k is done now.
And you know what, this part of the proposal would be especially beneficial to us minorities, since we have a shorter lifespan than whites.
And what do the Democrats have to say about this? After arguing that minors as young as 14 should have the right to make their own decisions whether or not to perform abortions, they immediately turn around and say that those of us in our early to late 20’s are too stupid to know how to invest our own money.
Democrats become pro-choice and champion personal responsibility only when it comes to matters of life and death, but when it comes to investing your own money in social security, or parents choosing where to send their kids through a voucher program, well no, now those types of choices are out of the question.
Who really is the pro-choice party here? The answer is pretty clear from my end.
Update: Coyote Blog has more.