Do I want to see people take their Social Security payments and put them into private accounts, open up an eTrade account and go into the stock market? Absolutely not.
Sentiment: NEGATIVE
In other words, Social Security is every bit as insecure as the stock market.
To allow all U.S. workers to put part of their earnings into private investment accounts would definitely erode the Social Security system and cause uncertainty for new investors.
I really believe that you cannot use the stock market as a proxy for the economy.
Even people who feel perfectly comfortable investing in the stock market and owning their own homes often have qualms about individual medical accounts or Social Security private accounts.
We really haven't had very much experience with people funding their retirement out of the stock market, and we don't know, frankly, how it would work under every scenario.
A lot of the money in the stock market is really our national retirement plan, for better or worse.
Anyone with a pension or retirement is an investor in the stock market.
I was a stock broker once. I think there is an absolute place for market investments. But they should never be the basis of one's retirement. They should be an additional piece on top of a basic, secure, guaranteed retirement benefit.
Because of my own experience with market fluctuation, I recognize the great risks one takes on investments. This converts the Social Security safety net into a risky proposition many cannot afford to take.
I just like to keep my money in the bank; I'm not a big risk-taker. I don't know anything about the stock market... I stay away from things I don't know anything about.
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