Heading Out

Seeking the winds that help to sail on Shakespeare's tide.

Saturday, January 15, 2005

Let them eat cake.

I notice that in today's NYT (yes I need to install a Blogroll) there is an editorial by Paul O'Neil in which he comments that the goal of privitization of Social Security should be:

"We should ask ourselves what would be a worthy aspiration for the financial security of retired Americans in the years ahead. My answer is that we should establish a process that will produce a substantial annuity for every American at retirement age.

By substantial, I mean at least $1 million."
Well, as someone who invested back then, and who thus has the experience of a tax-sheltered investment over the past 36 years let me just point out that this would have required that I invest $800 a month in the market, to achieve that target. Um, hate to tell you this but if I had done that we would still be living in a trailer, neither of my kids would have had the education that they received, etc etc - because almost all of my salary would have gone toward that investment.

It just illustrates that those who govern us, whether kings, queens, emperors or the financial oligarchs who currently run this country really have no idea of how the majority of us really live.


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