I agree that Social Security shouldn't be funding other projects.
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I say if you want a true retirement plan, start one. But that isn't what Social Security is intended to be.
I already responded to this once. But this was such a good response I've been thinking about it. I cut out some of the good comments in the middle just because more or less they're not the subject of this response.
I believe I said something about how social security money should be kept separate from the government funds and treated more like an investment account in the name of the contributors, with separate welfare allocations coming from the Fed budget to take care of orphans, the disabled, and others who need help.
I think a lot of Americans share Salty's view that there is a "spirit" in the ideas which have been more or less behind social security and the government relief programs. We are a people who want to do the right thing for those in need. We do a lot supporting private charities in addition to our government programs.
I want to focus on investment in infrastructure projects generally beneficial to almost all of us in some way.
At present we use tax revenues/deficit spending on a lot of things including a little infrastructure. The gov does the project. Owns it when it's done. Makes the plan, hires the contractors, maintains the thing afterwards. Sometimes there is a revenue stream that comes back into the gov accounts when it's done.
Here's why I would put such projects on the books for the social security administration.
They would not be investing in private enterprises or speculating in Wall Street, or just letting Congress spend the money on whatever. They would be fiduciaries that would be held accountable for the money, and motivated to do the best thing with it. Less susceptible to lobbyists, special interests, political cronyists and such.
They would do the projects in the name of the fund contributors, who therefore would be the owners and operators of the projects, and the beneficiaries of the revenues generated.
This is not a "capitalist" sort of venture, and would be more like a collective or cooperative enterprise, but it has a lot of the motive for results that more often proves successful.
A "capitalist" with his neck on the block, with everything at stake in the results of a project, is willing to take risks for the expected gains. Forces some clarity of thought. These guys don't get swayed in their decisions by hucksters clamoring for some irrelevant interest. . . .
A social security administration operated on a fiduciary basis, and chartered to undertake infrastructure projects with sound prospects for a return on the investment, would be removed from the lobbyist's circuit. They would make better decisions.
So let's say we got to vote on the head of such an administration. What would we be looking at. . . . a political agenda or a return on our investment?
And here's the biggest plus. People would be as interested in investing in that as in the stock market. And unlike the the stock market, THEY would be the "insiders".
I bet people would want to invest in that. And I bet we would get a lot of good infrastructure built.