Share All The Facts



This is in answer to "Facts, Not Smoke and Mirrors" written by Mr. Bob Hibbert, Star Valley.

In his attack against Democrats, he himself left out a few facts. It's not only Democrats that are against privatization, Republicans are joining in also.

Just a few facts about privatization:

Newly elected to a second term and possessed of a mandate to cut the "nanny state," Margaret Thatcher set out in 1984 to privatize Britain's state pension system. The result stands as a warning to the Bush administration. The Thatcher reforms empowered unscrupulous salesmen to press inappropriate savings accounts on unsophisticated workers; regulators ultimately required payment of some $24 billion in compensation to the victims. Last year 500,000 Britons who had opted out of the government pension system in favor of private accounts returned ruefully to nanny.

Social Security reform, in short, is risky. Individual retirement accounts can suffer not only from aggressive salesmen but also from high management fees (Chile), disappointing investment returns (Sweden), irresponsible subsidization at the expense of taxpayers (Britain, again) and the danger that workers might seek early access to their money to meet medical emergencies or other expenses, leaving them impoverished in retirement (Singapore). So, despite the significant likely gains from investing in equities via personal accounts, reform doesn't cross the threshold of plausibility unless it is designed to avoid these pitfalls.

While Mr. Bush has tried to paint a rosy story to all this while he threatens the retirement of our children and grandchildren, ask, when did Mr. Bush ever tell the truth?he sad fact is that he doesn't care out our children and grandchildren, justigorporations like Enron, friends like Ken Lay, and how he can make another dollar.e lied abouthy we had to go to war in Iraq, he lies about what is actually going on in Iraq, billions of dollarsnoney to rebuildraq have disappeared on his watch, he's got his friends set up over there profiteeringff the war, and now he wants to profiteer from your Social Security. He has destroyed our country and we may never come out of it.

If you cannot see what has happened to our country andou choose to believe Mr. Bush, maybe you should have a reality check.

Jill Walker, Auburn, Calif.

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