Monday, May 23, 2005

Another Kennedy out of touch with reality

Joseph P. Kennedy II has come up with a great new plan that would allow every American to invest in private retirement accounts. He calls it "A populist approach to pension funds." It is so simple and cost effective that I can't believe nobody thought of it yet. Oh..............Wait..........somebody did think of it. In fact his idea already exists. It's called the Tax Sheltered Annuity. Does Kennedy not know that people already have the ability to invest in their own retirement fund? Or does Kennedy think that a government run fund would be a better investment alternative than a private fund? Or, as I suspect, is Kennedy trying to create a diversion from President Bush's Social Security reform plan, and he's dumb enough to think we won't notice?

Kennedy is basically saying that Americans should have the ability to invest their own money (not the money they pay in taxes...........because that's not their own money of course) in a well run and profitable retirement fund. The twist is that Kennedy's plan would allow people to invest in "public" retirement funds, like the Massachusetts retirement fund, or California's fund. That's right, instead of putting your hard earned money into a private fund, you would put it into a fund run full of public employee pension money.

Can't you just hear the "giant sucking sound" of dollars being pulled from private funds and rushing into the state funds?

NO? Neither can I?

What's the point? The democrats know that private retirement accounts are the only way to save Social Security, they just don't want to admit it because that would be to admit Bush is right. Bush knows that millions of Americans have no "extra" money to invest in retirement accounts and will rely on Social Security, so he wants to let them direct some of their Social Security tax dollars into private accounts. The democrats cant stand the idea of their hard earned tax dollars being skimmed off to invest in private retirement accounts. Could this be the first attempt by the dems to alter the social security system and allow private investment?

I doubt it, and think a better question is.....Is Joseph Kennedy II really so out of touch with reality?


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