Documenting the experiences of a typical Midwesterner struggling to read the Qur'an, understand Islamic extremism and its effects on American politics.
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Friday, March 11, 2005
Private Accounts
I return for a quick thought on Social (In)Security. I am reading and will be commenting on the Qur'an again very soon...really...I mean it!

In the past few months, I have often asked why on earth anyone would be against private accounts. How could anyone be against people building an asset that can (and will) be passed on to their children? The alternative is a government stipend that ends with your death and can be voted out of existance by Congress. If I were to die at age 68-1 Day, I would get SQUAT for my lifelong investment. How does that help my kids pay for college?

Private accounts make sense.

Dale Franks on the excellent QandO blog asks much the same question:
So, really, why care if the savings are in private accounts or public accounts—especially if private accounts offer a greater return? What would be the difference?

Then answers it for both of us.
One difference immediately occurs to me, though. Once the money is in private accounts, Social Security can't be raided by the Federal Government to be spent on general budget items. One wonders if that has some bearing on the Left's calculations.

Its about the POWER stupid...

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