Dick McDonald writes today about how, with private social security investment accounts, a janitor earning $20,000 per year (is that really what they earn?) would have a nest egg worth $1.6 million at the end of 40 years. It would mean the end of income re-distribution in this country.
With all of these millionaires in the country it would also mean the end of the Democratic Party. No wonder they oppose social security reform. They wouldn’t have any “victims” for whom they have to fight to transfer funds from those who are productive in society to those who aren’t.
When it comes to social security reform and private accounts no one is as well-informed as Dick.