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Critics of the personal security accounts fretted that the average American, if allowed to choose how to invest part of the 12.4% of his pay that he and his employer must now send to Social Security, might speculate on, say, cattle futures (without the helpful insider advice that Hillary Clinton got) or engage in similar recklessness. The we-know-better crowd are also worried that any partial privatization of Social Security might give the average Jill the heretical idea that those fica deductions from her paycheck belong to her and that she should control how all that money gets invested...
Burned in their past attempts to reform Social Security, Republicans examined last week's advisory-council report with barbecue tongs and mitts. But Senator Bob Kerrey, a Democrat from Nebraska, immediately submitted legislation that would give workers more control over how their Social Security contributions are invested. Kerrey dismissed as "condescending" the notion that the average American can't be trusted to invest his own money. "Millions of middle-class Americans," he observed, "are investing successfully today," and their numbers are growing rapidly. Most of them are prudent enough to shift their savings gradually from the volatile stock market...
...members of the advisory council, including a former Social Security commissioner and three union leaders, backed a third option that would allow government bureaucrats, rather than individuals, to invest up to 40% of Social Security's assets in the stock market. It would also increase payroll taxes--not in exchange for higher retirement benefits but for lower ones than workers were promised back when taxes were lower. And when might this promise, like the others, become inoperative? No one can say. Little wonder that many workers now judge that their nest egg would be safer in their own hands than...
Their relationship is not financial. Buffett, who does not invest in technology stocks, bought 100 shares of Microsoft just as a curiosity back when he met Gates ("I wish I'd bought more," he laughs), and Gates describes his investment with Buffett as "only" about $10 million ("I wish I'd invested more," he likewise jokes). But Gates shares Buffett's interest in the media world and even likes to joke that he has created a digital encyclopedia called Encarta that now outsells World Book, which is controlled by Buffett. So far Microsoft has mainly treated content as something that...
...recommendations for shoring up the trust fund was that stock market is the answer. How best to do this was another matter; three competing solutions were proposed, ranging from having government money managers move some 40 percent of the trust fund into the stock market, to allowing workers to invest some money for themselves. Although all three plans would seek to build up the trust fund by investing it differently, the differences in the approaches were considerable. The first, called the "maintain benefits" plan, would keep current benefits unchanged, would only slightly increase Social Security taxes and would investment about...