March 14, 2005

 

 

Senator Kay Bailey Hutchinson

United States Senate

Washington, DC 20510-4304

 

 

Dear Senator:

 

Thank you for your letter of February 15, 2005 in which you generated several interesting assumptions:  1. PRAs would improve the rate of return for all Social Security funds invested in personal retirement accounts.  PRAs would also increase the rate of PRA bankruptcies, e.g., Enrons.  2. People do not currently control their personal savings.  Here you assume that no one has personal savings unless in Social Security.   3.   It is also assumed that outsourcing jobs to foreign countries does not impact Social Security adversely.  4. It is also assumed that illegal aliens working in the USA do not impact Social Security.  5. The doomsday date of 2018 varies with whom one may be speaking.   6.  It is assumed that recession, depression, and bankruptcies will not occur.  7.  It is assumed that more Social Security paying jobs cannot be created. 

 

What will the federal government do for liquid assets to fight a war when the PRAs remove Social Security assets to private accounts?  Will Congress raid PRAs as they now do Social Security and pay little or no interest on them?  I believe ya’ll ought to come clean at telling us what you really want, i.e., more money for Wall Street.

 

 

Gigawaabamin,

 

 

 

 

Burel Block

P.O. Box 2106

½ Park Road 100 D17

South Padre Island, Texas 78597