Could be a good idea . If it is, why not apply it to Social Security?
Sen. Harkin, ( D) of Iowa, announced he will not seek re-election in 2014. Well that is nice. Especially in light of the fact that he has been there for 5 terms. By my calculations it adds up to. Let's see, 30 years. Thirty years as an elected public official and never been credibly challenged. I don't know about you but I think that is a long time to milk a cash cow. Which as we all know is another name for the U.S. Government and the lobbyists on K Street. Nice going Mr. Harkin. Nice going. He is leaving with a 2.7 million dollar war chest. You can bet that he won't be leaving that behind. Of course there was a law past some many long years ago that prevented personal use of those campaign funds. When you retired from office. With the exception being that if you were in congress prior to the law being passed. In other words the, " rule that you could take it with you". was grandfathered in. Which Rep. Steve Solarz from Brooklyn took advantage of while still having a sum in excess of 1 million dollars in his political war chest. Back when a million dollars was a million dollars. Quite a sum in those days. That being said. As we all know money is fungible and can be earmarked in any way and usually is. So even though you can not use it for personal reasons you can use it for others that are enumerated by the law. In other words the law makers provided loop holes for themselves. Seeing that most of congress are lawyers the law was made by lawyers for lawyers. Complaining about it, is like beating a dead horse. It will never change. Some things have to be accepted as an axiom.
Ok, so what about Mr. Harkins parting shot. Mr. Harkin proposed a new way that would help to insure that future retirees would have more to retire on. Thus helping to see them through the " golden years". Take it from me they ain't so golden for a lot of them right now. This would entail some kind of annuity payment racked up with private investment companies. This plan would not exclude present 401k type retirement plans. It would offer an option. Now on it's face it looks like a good idea. As we all know the devil is in the details. Hey, I am for anything that helps the situation. As it now exists.
What troubles me is that for someone that is all for this type of change. Why does the democratic party demonize any changes that were proposed by President Bush and others before him that wanted to do something similar to Social Security. Which would have allowed a measly sum of 5 cents of every dollar collected from social security payments invested into private investments. Why should Social Security be subject to total government regulation that inhibits the growth of your contributed dollar. Tell me that Mr. Harkin. It is a subject that we have never been able to have an open conversation about because opposition to it by people like Mr. Harkin have prevented. It is often call the 3rd rail of politics. Why is that so? What was Mr. Bush's proposal called reckless. It was a way to add to your Social Security retirement dollar. The only reason I can think of is that it would inhibit the general fund of raiding the social security trust fund. Which it does present. Denying Washington control of as much money as they can possibly get their hands on. Loosing any control, even as small as 5 % of the total funds available. Is like getting a seizure for these guys. Fact is we need some more thinking like Mr. Harkins directed towards the question of reforming Social Security as it is presently structured. That is not to say Mr. Harkins idea is not a good one. On the contrary. Perhaps it can be applied to another retirement plan as well. Namely, Social Security. I would urge everyone to investigate his swan song proposal. After 30 years he must have at least some knowledge of what he is talking about.
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