10
Feb
2005

Personal-account myths

by Cesar Conda

FreedomWorks

02/09/05

In the Democratic response to President Bush's call to make Social Security a better deal for younger workers through voluntary personal retirement accounts, Senate Democratic Leader Harry Reid likened the plan to a risky game of 'roulette.' New York Times columnist Paul Krugman called it a 'system in which workers engage in speculation that no financial advisor would recommend.' In opposing personal accounts, the American Association of Retired Persons (AARP) launched national ads stating: 'Winners and losers are stock market terms. Do you really want them to become retirement terms?' Given the way the Democrats and some commentators are talking about stocks, bonds, and mutual funds, you would assume that none of them invest any of their own money, and instead keep sacks of cash in their mattresses...

//tinyurl.com/6p8hl



Informant: Thomas L. Knapp
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