Re: "Not privatizing social security was my biggest failure" says George Bush
Actually he is 100% correct.. his biggest failure was not stablizing SS, by allowing young adults to actually have some sort of retirment vehicle they can control, and even pass down to their children.
Spending is going to choke off and kill this country..
SS/Medicare is the noose that will do it.
SS/Medicare will have to ennd eventually liek all pyramid schemes, and by not allowing people to prepare for it, is going to mean in 20-40 years we will have the "old" in trouble.
based on may "salary" I pay about $4818 a year to the government and then I match that as a company so about another $4800for a total of $9600 or so. For that in 30 years or so when I retire I will get a check from the government for what 2k a month.. for say 20 years, or about 400k.
So if I were a 30 year able to put 5k a year in an IRA, for say 40 years and let the govt have the extra 4k, and RELINQUSH MY RIGHTS to SS... I would have how much at retirement hrmm that a hard calc, but lets say I can increase my contribution to keep pace with inflation..
I would have about 1.3 million... IN A PRIVATE ACCOUNT.. income from that account would net me OVER 2k a month, and I would be able to pass the original savings to my children.. creating wealth... EVEN if taxes at 30% when I die the government would still get the money I WOULD have contributed over my 30 years to SS anyway... its win win.. but of course for government we cant have that... with government only they can win...
But I guess you rather say bush's biggest failure was hrmm Iraq right?
“Are vital U.S. interests more imperiled by what happens in Iraq where were have 50,000 troops, or Afghanistan where we have 100,000, or South Korea where we have 28,000 -- or by what is happening on our border with Mexico?...What does it profit America if we save Anbar and lose Arizona?”