DelawarePolitics.net

Oct 7th, 2009 by David Anderson

Here is another example of why the market is better than government.

Posted in Economics

3 Responses to “Why the market is better than government”

on 10 Oct 2009 at 10:491Rick

Where the ‘market’ is going:

http://www.wnd.com/index.php?fa=PAGE.view&pageId=112452

For a preview, merely visit Detroit, Baltimore, LA or Chicago.
on 10 Oct 2009 at 11:572Perry

David, this argument has been put forward thousands of times. It remains invalid, because it misunderstands the purpose of SS, which is to be a safety net for folks in their waning years, not an investment for the individual, as configured by FDR and the Dems during the Great Depression, as I believe you know well.

Not only that, if one were to depend on savings and investments, for a multitude of possible unfortunate events they might not be there when needed.

The mistake made our government over the years is not to have the FICA contributions go into a trust fund separate from the general funds, as originally intended. This is why we must take steps, sooner rather than later, to assure that this safety net will continue for you younger folks.

I’m sure that those, especially our seniors, who lost half or more of their 401K retirement funds recently, or whose pensions were canceled, or who have been hit with medical expenses not covered by Medicare and/or supplemental insurance and/or private insurance, these people are relieved and mighty happy to have the SS safety net.

I would never have anticipated having out-of-pocket medical expenses in excess of $15K per year for every year in the decade since I retired at the normal retirement age? Even dental expenses skyrocket as the teeth age beyond functionality. And I am fully insured, medicare, supplemental, drug, and dental insurance, as is my wife, but the out of pocket medical expenses continue to be high.

Without SS, my savings would be significantly drained. Then what would I do if I am hit with a catastrophic medical expense that depletes all my savings in spite of my insurance coverage?

I am very thankful to have the safety net, to which I contributed for my approximately 45 years of full employment, and still contribute from my part time job salary.

I have the feeling that when you get to be my age, you will be thankful as well to have the safety net.
on 10 Oct 2009 at 12:113Perry

To Rick’s WND link, I have similar concerns.

The situation last September was so serious, that Bush, Paulson and Bernanke had to make a gamble to avoid a meltdown. It seems to have worked so far.

Obama et al have continued gambling. They have to be willing to adjust quickly if need be, to keep confidence in the system above water.

I’m sure the continuing seriousness of this downturn was fully discussed at the recent G-20 meeting in Pittsburgh.

But we indeed continue to be in uncharted territory, such that policies being put in place are best efforts with no guarantees of outcomes.