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Social Security: Luddite Reactionary Liberals Receive $50 Certificates For Stuffing Money Into Mattresses.

Some of those opposing Social Security reform seem to have a bizarre aversion to markets.

It's as if, despite their own assets actively earning compound interest in stocks, bonds, mutal funds, and other investments, they believe those options are too "risky" for everyone else.

Not only this, but no legitimate reform proposal includes allowing people to "gamble" their money, so their claims are even further disingenuous; the personal accounts would be more like the Thrift Savings Plan available to Federal employees, where individuals can choose among a handful of relatively safe options. In other words, the personal accounts would be safe. They would be broadly diversified and not at all susceptible to "another Enron." And they would certainly earn a better rate of return than the current system.

Democrat seem to believe that stuffing money away for retirement is better policy than allowing the greatest free enterprise system in the world to grow the money.

Well, Americans For Prosperity has decided to poke fun at the mattress-stuffing mentality of Democrats by sending key Democrats in Washington, as well as the head of the AARP, $50 gift certificates for Mattress Warehouse:

Click for press release.

“The current Social Security system only provides retirees with a 1-2 percent return on the payroll taxes they have taken from them throughout their lives,” said Americans for Prosperity President Nancy Pfotenhauer . “That's like saving for retirement by stuffing money in a mattress instead of wisely investing in safe, diversified index funds over 30 or 40 years. If these officials are so enamored of ‘mattress-stuffing' retirement planning, I hope they'll use these gift certificates toward the purchase of mattresses in which they can store their own retirement savings instead of growing their money in sound, safe investments like mutual funds or 401(k)'s.”

Posted by Will Franklin · 15 March 2005 06:28 PM

Comments

Posted by: Former Dem at March 17, 2005 07:30 AM