Friday, January 04, 2008

"Trust Me"

Recall with the Bush plan for the privatization of Social Security, how we wouldn't be trusted to invest our own money, but would have to choose from a selection of government-approved plans?

Because governments are really good at investing. (And that's when they're trying to invest responsibly. When they're not, it's worse.)

This can be done well - the mutual fund-type plans government employees are allowed to invest in seem to do well. But, of course, the Bush Administration took those off the table for privatized Social Security. I suspect because there's not enough profit in that type of plan for those to whom they would steer our "investment".

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