Some history to go with our current topic
In 1934 and 1935, when the Social Security Act was begin debated in Congress, Senator Bennett Clark (D-Missouri) offered up an amendment that would have allowed employers to opt out of the SSI system if they offered their employees equal or higher performing pensions. Seeing the scheme failing due to competition, supporters of FDR’s plan to redistribute wealth went on the offensive.
If we shall adopt the Clark amendment, the government having determined to set up a federal system of old-age insurance will provide, in its own bill creating that system, competition which in the end may destroy the federal system. It would be inviting and encouraging competition with its own plan which would ultimately undermine and destroy it.
Senator Robert M. La Follette (R-Wisconsin)
When faced with the same promise of comeptition in 2006, the left went on the offensive over just the thought of a partial privatization. Proof that the “progressive” movement thinks that the American people are stupid and cannot manage their own money. Never mind the fact that before the vast majority of the Boomers come of age for retirement, there will be no money in the “lock box” to pay them.
The very definition of a Ponzi Scheme.