Friday, September 28, 2007
You're welcome, Hillary!
Apparently Hillary has been listening to Polistra.
Practically the first entry in this blog, from March 05:
I'd favor a Birthright system to replace Social Security.
Like this: Each baby born to parents who are CITIZENS gets a $10K package of bonds at birth, which can't be opened until retirement, but can be inherited. Assuming 5% return, this would give about 12K annual income after age 65. At current birthrates, it would cost about $50 billion per year, which is chump change by federal standards and vastly less than the current cost for each 'cohort' of Social Security. This would also provide one small advantage to being a citizen. As things now stand, all the incentives are backwards. Citizens get to vote, and they get to serve on a jury, and they get to pay taxes. Big whoopie. Non-citizens get to work without taxation; they get free health care, free education, and all the other privileges of a welfare society.
Seriously, I think the idea was first put forward by Charles Murray. Will Hillary thank him? Don't hold your breath.
Credit or not, it's still a good idea if used properly, and I'm glad that our next President supports it. Not clear whether Hillary wants to use it properly, though... if she's just tossing it around as an extra gift for everybody, while still maintaining the existing SS for those new generations, then it's not a good idea.
¶ 6:11 PM
Apparently Hillary has been listening to Polistra.
Practically the first entry in this blog, from March 05:
I'd favor a Birthright system to replace Social Security.
Like this: Each baby born to parents who are CITIZENS gets a $10K package of bonds at birth, which can't be opened until retirement, but can be inherited. Assuming 5% return, this would give about 12K annual income after age 65. At current birthrates, it would cost about $50 billion per year, which is chump change by federal standards and vastly less than the current cost for each 'cohort' of Social Security. This would also provide one small advantage to being a citizen. As things now stand, all the incentives are backwards. Citizens get to vote, and they get to serve on a jury, and they get to pay taxes. Big whoopie. Non-citizens get to work without taxation; they get free health care, free education, and all the other privileges of a welfare society.
Seriously, I think the idea was first put forward by Charles Murray. Will Hillary thank him? Don't hold your breath.
Credit or not, it's still a good idea if used properly, and I'm glad that our next President supports it. Not clear whether Hillary wants to use it properly, though... if she's just tossing it around as an extra gift for everybody, while still maintaining the existing SS for those new generations, then it's not a good idea.
¶ 6:11 PM
