Neal Boortz Swings and Misses on Social Security
You do know, don't you, that there is absolutely no legal guarantee that you will receive one single penny of the money that is taken from you. No guarantee at all. The congress can vote tomorrow to end the system and keep every dollar that has been paid in Social Security taxes. There would be nothing you could do about it. Nothing except, that is, to vote against the jerk who stole your money.
This is absurd, folks. We're supposed to be living in free country that recognizes property rights. You own you, not the government. You work for you, not for some stranger. In a free country your government should not seize your money by force and put it into a phony "retirement" fund that earns you a sub-par rate of return and to which you have no legal right beyond what politicians are willing to grant. When you die the money you earned during life shouldn't be seized by government to be transferred to another individual you don't know while your family scrambles about looking for a way to keep their home and pay for your funeral, but that's exactly what the AARP is fighting for.
Good stuff and entirely accurate. But what does he propose to replace this nationwide fraud?
Chile used to have a Social Security system that was a virtual copy of ours. Chile, however, didn't have an AARP. What Chile did have was politicians who realized that their system was doomed to collapse, and who did something about it. Chile privatized every individual's retirement benefits.
Today in Chile workers pay 10% of their pretax earnings into their own retirement plans. They can elect to pay an additional 10% in pretax earnings if they wish. The companies who manage these funds are prohibited by law from engaging in any other type of business. The sole business purpose of these companies is to take these privately owned retirement accounts and grow them.
What the fuck is this obsession with people who want the government to force us to save money? Mr. Boortz is on record barely five paragraphs above with a firm statement in support of property rights and self-ownership. The corollaries to these statements are available to those with functioning mental faculties. Unfortunately, the collapse begins and he jumps right into upholding what he just said he opposes. The Fuck-Me-This-Is-Crazy moment arrives at the end:
If they die before the retirement age the money goes to their families. If Chileans live to retirement age they have three options:
- Purchase a family annuity from a life insurance company.
- Leave their funds in a personal account and make monthly withdrawals adjusted to match their life expectancy.
- Any combination of 1 and 2.
The government steps in to guarantee a "minimum pension" for people who have worked at least 20 years and who's benefits don't meet the minimum monthly amount required by the Chilean law.
So...rather than a system that allows us to own our money and do with it as we please...Mr. Boortz wants instead to have a system that forces us to save, limits our options with that money, and subsidizes (through theft) a certain chunk of this "privatized" pension market.
Here's another way of putting this: the man said he likes cheeseburgers and he doesn't like the cheese or the burger.
If you read this Mr. Boortz, I hope you come to your senses and realize the gross error you've made. This kind of disjointed and contradictory commentary is what friends of liberty don't need in the fight against the government and its idolaters.
Link and image via Billy Beck.