05 September 2011

The shafted U.S. worker.

In addition to being governed by an out-of-control, unconstitutional federal government that is and has been enthusiastic about intervening for 80 years in every way to hinder U.S. economic productivity, we have a positively rotten system for retirement security.[1]

As shown by the following:
In both Chile and the United States, employers are required to set aside a little more than 12% for the pension program, but in Chile, someone with the same earnings as an American will be getting $55,000 as an annual pension, while the American, working the same number of years, just gets $18,000 [-- one-third of Chilean worker].

The fact, as Mr. Ferrara explains so well, is that we need not have miserable retirement and government medical systems that barely serve the needs of the people while driving the country into bankruptcy.

What we need instead are programs in which individuals have control over their own retirement and medical accounts and have the flexibility to design them to meet their needs.[2]
Zero U.S. worker control over Social Security taxes paid – check!

Unfettered access by politicians to U.S. worker SS taxes – check!

Politicians' sincere IOU to U.S. workers when "borrowing" SS "trust fund" assets – check!

Unsustainable U.S. public retirement system – check!

Massive government interference in health care system – check!

U.S. worker at mercy of new, unconstitutional health care bureaucracy – check!

Massive screwing of younger U.S. workers – check!

Notes
[1] Assuming that old age security is a proper federal responsibility at all. Spare me your General Welfare Clause sophistry if you've got a taste for political and legal fantasy.
[2] "Taxation, Social Security And Economic Growth." By Richard Rahn, Brussels Journal, 8/31/11 (emphasis added).

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