Why The Weekend Millionaire Believes Bush’s Social Security Plan Will Work
Posted on May 2, 2005
When the Social Security Act was first
passed in 1935, it didn’t even resemble what it has become today. Through
amendments and additions that were often politically motivated, this wonderful
program originally designed to supplement the elderly in retirement has morphed
into the only retirement income many seniors have. Why? Could it be that an ever
increasing number of Americans have enjoyed life to its fullest today and in the
process have failed to plan for their futures?
Weekend
Millionaire Mindset, I point out that we’re all born and we all die
… it’s what we do in between that determines the quality of our lives.
Let’s face it, getting from birth to death has a cost and what we spend today
pays for today, but it’s what we invest today that pays for tomorrow.
Unfortunately, the only investing many people have done has been the forced
investment mandated on them by Social Security. They simply haven’t had the
mindset to plan ahead and as a result, they are now facing a bleak future with
Social Security.
The facts are simple; a growing population of retirees that hasn’t
properly invested for the future is soon going to be unable to rely on today’s
workers to pay for their benefits. The medicine needed to cure this situation,
like many of the medicines we use to cure disease, is not pleasant to take. Just
as some deadly diseases left untreated will kill you, the problems facing Social
Security will kill the program completely if left untreated … and the longer
we keep waiting to administer the medicine, the more bitter the pill we’ll
have to swallow.
There are five reasons I feel that President Bush’s plan to overhaul
Social Security is good:
1. It brings the problems caused by a growing retiree population into focus
for everyone and it offers phased in changes that allow younger workers time to
adjust and adapt to them.
2. It forces us to think about more than just government backed Social
Security to provide for us in retirement.
3. It brings to light the pitfalls of spending everything we make living a
better life today with little thought of the future because of an over reliance
on government to take care of us.
4. It offers younger workers the opportunity to establish savings accounts
that won’t be confiscated by the government in the event of an untimely death.
5. It provides a safe and secure way for people to build nest eggs that can
be passed on to their children, thereby allowing ordinary people a better
opportunity to create wealth.
Please understand
that I’m not a Wall Street economist, nor a professor of economics, but I am a
self made American millionaire and I hold a PhD in Life from the University of
Hard Knocks. I think that qualifies me to say in laymen’s terms, “We’ve
got a problem and we need to fix it … the sooner the better.”
President Bush is
the first president with the guts to even offer a plan. Isn’t it time for
responsible Americans stop being selfish and start facing the music? Isn’t it
time to demand that our elected officials stop playing politics and shopping for
votes before we all have Hell to pay? It’s that kind of behavior that has
gotten us in the fix we’re in now. Surely you understand that we can’t keep
doing the same things we’ve been doing and expect to get different results.
I urge everyone to
turn off the news and study the plan before taking a position. If the news media
gets its way, we’ll keep arguing over how to fix the problem until the system
goes totally broke and then they’ll really have some news to write about.
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