Ironically, most personal-retirement-account proposals simply make this option available. But even allowing the option gives too much freedom to working Americans for the Democrats. Apparently, we're all so dumb that not only can't we manage our own money, but we shouldn't even be given a voluntary option to do it.
My elderly mom serves coffee in a local convenience store to earn a few dollars to supplement the pittance she gets from Social Security and the few extra hundred dollars per month she started getting after my dad passed away. He worked all his life. If he could have put all the money he paid in Social Security taxes into a retirement investment account over all those same years, my mom would be in a different situation today.
However, Pelosi wouldn't have wanted my dad to have the option to keep and invest his own money. I'm sure she would have thought that he wasn't as smart and clever as she is and shouldn't be allowed to manage his own money.
The black poverty rate today is double the national average. Black-household wealth is a fourth of the national average. Blacks suffer double jeopardy as a result of the work over the last half-century of welfare-state liberals like Pelosi.
First, Social Security payroll taxes take away the few extra dollars that low-income workers could have otherwise retained to build wealth.
Second, and perhaps even worse, welfare-state liberals have educated a whole generation of blacks that they can't take care of themselves. Skills in areas such as money management may be in deficit today. But they are in deficit because they weren't learned, and they weren't learned because of hanging on the government plantation. When do we let these folks off this plantation so they can finally start learning the essential skills for improving their lives?
Social Security reform, with a crucial central component of personal retirement accounts, is being threatened by elitist Democratic liberals. They preside over a government plantation over which they do not want to relinquish control. It's time to let the slaves free. Transforming taxes into ownership is an important way to do it.