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A Dangerous Financial Product
Posted By Don Boudreaux On June 23, 2007 @ 2:24 am In Social Security | Comments Disabled
Here’s a letter that I sent yesterday in response to an e-mail that I received:
22 June 2007
Ms. Clara Perez
Dear Ms. Perez:
for your e-mail alerting me to Presidential-hopeful John Edwards’s
proposal to create "a regulatory commission to protect consumers from
dangerous financial products."
If such a commission does its
job, I suggest that the first dangerous financial product that it
attacks be Social Security. Not only are Social Security’s returns
lousy; not only are its "customers" never vested their "contributions"; not only does the institution providing it have no sound plan to
keep it solvent; not only does this institution intentionally mislead
its clients about its insolvency (witness its discussions of the
illusory "trust fund") – but its "customers" are forced to buy it.
That is a dangerous financial product!
Donald J. Boudreaux
George Mason University
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