With regard to corporate fraud, the Troy Record advised the
“state to take over the reign” and “start
steering” (7/5). But hold on! The state, in the person
of Comptroller H. Carl McCall, has been steering. The
state - sorry, Comptroller H. Carl McCall - having lost
lots of pension fund money on bad investments, now wants
to steer responsibility elsewhere. It’s not his fault.
Worldcom or Enron is to blame. Yet, if you or I lost
money on bad investments we’d simply lose money. That
is how we are held accountable for our actions. When
McCall loses lots of money on bad investments he holds
others accountable. How nice. Lets make him Governor.
I notice McCall didn’t hold someone else responsible when
the stock investments were doing well. Neither did the
Record call for more regulation. Was it a different
Worldcom when the stock shot up and many, including
McCall, piled on to get a piece of that action?
Worldcom and Enron scams are small potatoes compared to
your regulated government Social Security Trust Fund.
Instead of hundreds of million or even billions, the
Trust Fund is short trillions of dollars. In 1935,
President Roosevelt promised the American people that
the new Social Security Tax would be invested at 3 per
cent interest, so that, by 1983, the tax could be ended
and returns on the investments would guarantee a
retirement income for all Americans. But reality is
different. Around ’83 Social Security had hit its
second fiscal crisis. The tax went up - not away.
Instead of 1% on $3,000, we now pay close to 8% on
$80,000. We now get reduced and delayed benefits that
are taxed again. Social InSecurity has and will
adversely affect many millions of people. This Ponzi
scheme is kept afloat with inflationary monetary policy
and higher taxes but still going bankrupt.
many thousands of dollars have you and your employer
sent to the SSA over the years? Each $1000 saved in 1936
would be worth $80 now thanks to state regulated money.
Compare this to the stock market. Back in ’36 the DOW
was at about $100. Last I looked the DOW is still around
instead of losing almost all your savings to state
sponsored inflation and depending on Social InSecurity,
each $1000 invested in the DOW then would be worth about
you should not be so quick to have the state take the
reigns and steer.