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November 30, 2009

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Editorial: Don’t use reckless plan for retirement

Friday, May 19, 2000 | 9:45 a.m.

It's human nature: People always want a quick, easy fix. The problem is that this rarely, if ever, produces long-term stability. That's why voters should greet skeptically presumptive GOP presidential nominee George W. Bush's recent remarks regarding Social Security, in which he left open the possibility that workers one day could invest all of their Social Security taxes in the stock market.

With the stock market booming in the past decade, such an idea seems enticing. But Vice President Al Gore, the likely Democratic presidential nominee, is correct to be concerned about Bush's comments. After all, what happens if the stock market nosedives? Will the federal government bail out those who invested poorly? Allowing some nominal amount to be invested in Social Security should be explored, but this needs to be thought out carefully so as not to harm current and future retirees.

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