Letter: Vote Heitkamp if want heirs to pay the bills
When Abraham Lincoln argued against slavery, one of his strongest arguments was that all an individual has in this world is their labor. Whether that labor is expended running a multinational corporation or washing dishes, the individual who labors is entitled to compensation. When you remove that compensation, slavery exists.
Heidi Heitkamp is a believer in partial slavery in that she opposes privatizing Social Security.
The market is too risky. You could lose it all, according to her. Let us look at that.
Thirty years ago, Galveston, Texas, opted out of the Social Security system. Those who retired after the city opted out receive up to four times the benefits of recipients. Their investment in the market has averaged 7 percent growth.
The Social Security system only pays 1 percent to 2 percent. Only a Democrat would be dumb enough to keep our money in a fund that only pays 2 percent when you could get 7 percent. In addition, the funds left upon the death of the recipient go to the survivors. Galveston was so successful that the surrounding three counties also opted out.
Then in 1983, Congress, under the Democrats, removed the opt-out option. It should be pointed out that President Ronald Reagan would have signed the bill — his bad.
My research shows that since 1960 the stock market has averaged a little more than 11 percent growth including 20 years of negative growth. In my case, had I been allowed to privatize, using an average of 8 percent, I could draw $4,000 a month for the next 20 years and still leave a chunk for my heirs.
Heitkamp thinks that is a bad idea.
It should be noted that 18 years ago, the government of Chile privatized its retirement system and retirees are drawing 20 percent more than under the old system. In addition, their economy is booming.
So, where does the slavery aspect come in? If we continue the way we are, our children, grandchildren and great-grandchildren will be forced to give up part or all of their labor to support our retirement system.
Throw in Obamacare and the deficit spending indulged in by both parties and our successors will be in a state of partial slavery trying to pay our bills.
If that is what you want for your heirs, vote for Heitkamp.
Gene Torstenson, Dickinson