Your Retirement and the GOP Casino

December 08, 2011 at 9:10 AM

By ART CIZEK

I heard former Speaker Gingrich, the current leader in the Republican presidential race, talking
about Social Security and the Stock Market. Not surprisingly, he wants to privatize
Social Security so seniors can benefit from the Stock Market. At one time, this idea
seemed to make sense. Starting in the 1960 the Market rose steadily and the conventional
wisdom was that if you invested over the long term you would benefit from the steady
rise in stock prices.

Than along came computer trading, a complete collapse of morals on Wall Street, and lax
government regulation. If you retired in 2000 and your funds tracked the S and P 500,
you lost money. When you factor in inflation over a ten or eleven-year period, you lost a
lot of money.

In Vegas, the house always wins a certain percentage. Individuals may win or lose but
the house never loses. The stock market is the same. Traders make money when you
sell low and buy high even though you lose. They don’t gamble but you do. Privatizing
Social Security is not about helping seniors it’s about creating profits for traders and you
can bet that Newt and the rest of his crew will receive large donations from Wall Street
so they get the best government money can buy.

It is a shame the Republicans want you to gamble with your retirement. They don’t even
offer free drinks and a floors show

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