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  1. Well said, Russ. The idea of us being a nation of little capitalists is unrealistic. I suppose that Social Security is government enforced savings, but at least its savings and its dependable. My guess is that we’ll get the government taking the money just like now, then it will give the cash to Wall Street.

    Can it be called a class war if only one side is fighting?

  2. And DEFORM the accounts of those premium-payers approaching retirement (but, Just BEFORE); meanwhile, periodically profit-RAPING them in their “investment” bubbles to insure they prospectively never make retirement to begin with! For proof, ask the FERS federal public servants still working for the Reagan-promised (then reneged upon) “permanent” tax deferral on their “thrift plans”, otherwise decimated in these chronic market collapses since the mid-’80s!

  3. Excellent explanation. If only every newspaper in American would put it on the front page.
    No one ever mentions the millions of seniors who worked their whole lives, paid into Social Security, live on it now who could never invest in the stock market or anything else. The wonderful foundation of America the blue color working poor folks like my father was out on his own and out of school by 7th grade, working in the wheat fields of northern Idaho. He never missed a day of work as a janitor but invest in a 401K, how and with what. Thanks again for the great article.

  4. Very good article. All we need to do is look a little bit south to a place called Mexico where several years ago the Fed. Govt. pulled a fast one on everybody and converted the Soc. Sec. system retirement funds into Individual Retirement Investments (or whatever they’re called). Poof! Now, whenever my wife gets a statement from the bank that manages her acct. she asks me to explain what it means. There are two columns – one with the “interest” the acct. is “making”, and another with how much the bank is charging. The past several statement have contained negative interest (as indicated by a “-“) and the bank charge (interestingly indicated by no “-” mark) but when you figure it out, both are negative and decrease her “balance”. Sigh.

  5. 80 yr. old mother lives solely on her ss. No pension.No money left in savings. She would have nothing to live on. Many elderly have no familys to help them out. So what would happen & how would they live?