[Moneyguy1]

Whoops!!

Assume that people are allowed to invest what would be their Social Security contribution and the market goes South. Does that mean those folks are S.O.L., or will this require yet another program to replace the minimum subsistence that S.S. provides? The "reform" will require additional personnel to monitor to assure conformance to the rules. So, even bigger government from those who eschew smaller, less intrusive government. The primary purpose of Social Security is not to provide a lucrative retirement, but to insure some degree of fiscal safety, something that invidivual investments cannot guarantee.

The only folks who will definitely make out with reform are stock brokers (hey, bring it on!!). For the rest of you, it is a crap shoot.

If Congress could keep its meathooks out of the fund, things might just be a bit less serious than they are. However, greed is what runs the federal government. The Social Security "lock box" is chock full of IOUs from Congress.

There are already 401k, 403b, 457, Ira, Roth Ira and other instruments out there. So, why is the President so intent on tinkering with something he obviously does not understand? Could it be to deflect the public's interest in other topics? Why not a looksee into the costs of medical service?

As a financier, I am appalled at the ignorance in Washington re: this situation, and the reluctance of our elected officials to "fess up" to precisely what the problem is, take responsibility, stop raiding, and move on to more pressing items of business. I am extremely concerned with predatory lending practices that are driving people closer to bankruptcy. Does the subject of interest only mortgages sound a little like the last option of people with too much plastic and not enough paper? Despite opinions to the contrary, the economy is NOT as healthy as it should and could be, currently driven by debt.

Smoke and mirrors, gentlemen, simply smoke and mirrors.

And no one to step up to the plate and take charge intelligently.