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Unintended (multi-decade) consequences of private accounts 7 Comments More | Login | Reply /

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  • Your description of the Australian private retirement accounts is interesting. It makes the intermittent US proposals to privatize social security look even more like a scam.

    Achieving socialism by other means is amusing.
    • Please note that:

      1. The government is still the welfare provider of last resort. If your super money runs out during your retirement, you move onto the standard Old Age Pension, fully funded by government. But the standard Old Age Pension is NOT a lot of money. It really is a last resort.

      2. Australia has never really had corporate pension funds like the US, or government "social security" entities. Pensions are funded out of general revenue. That is, out of normal taxes.

      3. This has all been introduced over
      • Obama's prospects look good, though it is hard to say how much that mean at this early date. Unfortunately I don't think he will be able to do anything radical, even if he wins an overwhelming victory. The separation of powers that is the basis of the American government prevents that, as it was designed to. I fear we will not solve our financial problems with any radical new ideas; I assume we will just debase our currency in the traditional way.

        • Obama's prospects look good, though it is hard to say how much that mean at this early date. Unfortunately I don't think he will be able to do anything radical, even if he wins an overwhelming victory. The separation of powers that is the basis of the American government prevents that, as it was designed to. I fear we will not solve our financial problems with any radical new ideas; I assume we will just debase our currency in the traditional way.

          Better that, than what Obama would do, which is violate our Constitution and destory our liberty.

          Not that I feel strongly about it or anything.

          • Regardless of what Obama may or may not do, we are already living under a president who is violating the Constitution and destroying our liberty.

            • Sadly, the 16th amendment has been around for 95 years, FDR went crazy some 80 years ago, and LBJ kept things up over 40 years ago. That's a lot of inertia to overcome.

              • Sadly, the 16th amendment has been around for 95 years, FDR went crazy some 80 years ago, and LBJ kept things up over 40 years ago. That's a lot of inertia to overcome.
                When I first heard Jefferson say we should re-create the government from scratch every generation, I thought it was a dumb idea. As I got older, it has seemed far less dumb.

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