Wednesday, Jan. 12, 2005 | 9:50 a.m.
The time to begin the reformation of Social Security has long passed. The current system has devolved from a bottom-rung retirement program into a massive welfare and retirement supplement.
If we all had the foresight to save as little as 4 percent of our income from day one (I'm not one of those either), at as little as a 4 percent rate of return, we would all enjoy a comfortable retirement and still be able to leave our children or favorite charities some of our wealth.
While President Bush's complete plan is yet to be released, the overall concept is on the correct track and must be implemented. Converting Social Security to a mandatory individual saving/investment program is a proper way to create wealth and limit dependency. (Medicare could probably be paid for in a similar manner.)
Democrats, liberals and AARP have launched a massive propaganda campaign likening saving and investing to gambling one's nest egg. This is completely ridiculous. One may certainly gamble in the stock market -- it is called speculating! Speculating is no different than playing video poker in Las Vegas.
Investing, however, is totally different. I challenge anyone to find a 40-year period over which a dollar invested in a well-diversified portfolio in the United States equities market lost value.
F. JAY HARRELL
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