Should Social Security in the U.S Be Privatized?

[enlightenedmaster]

Aielyn said:

2. What does that have to do with anything? We're talking about Australia's system, Glass-Steagal doesn't apply in Australia anyway. We have our own laws. And what I've been saying is that America needs to reinstate the kinds of protections Glass-Steagal gave, which were what prevented the tanking of your economy.

what i was meaning is USA system is controlled by corporations which forced government to repeal glass steagle so you saying governments just re-instates glass steagle doesn't work

3. I don't think you understand. They manage the superannuation accounts while they're working, not at the end when they retire. And it's not a massively hands-on process, it's more like making a series of decisions (usually with extensive advice from professionals) on where the money is invested. And if you don't want risk, you invest it in safe-but-low-return options. You could probably even just not invest it at all, if that was your choice (although I don't know the details of the law regarding that). But the point is, there's really no notable risk of companies stealing your super. The worst would be fees, and if the fees were exorbitant and you weren't informed up front, you'd be able to sue to get the money back easily... and that's why the super funds don't do it (because if they did, they'd face both civil and criminal penalties).

well if we don't have to invest or just move to low-return investments,then whats the point of superannuation?

can't we just buy real estate for rent or put it in bank for interest?

the whole point of superannuation isn't worth it.its as good or worse than keeping money with government

And again, I'm going to point out that you're arguing in favour of the current system in America, where governments have direct control... if they suck at regulating, they're going to suck even more at actually running the system.

i'm not arguing in favor of current american system atall

if i had power,i wud scrap it in a second

 

but what i am saying is the current american crisis is more because of a cyclic and all-out systemic-political problem,not a problem of regulation.

the same problem can be faced by any country like europe and japan face at the moment

and south america - brazil,chile,argentina have faced in the past

or zimbawe

 

nothing's gonna change USA today,only an absolution heavy-handed political change.