[Publib] Public sector advantages

[Backwage at aol.com]

Here are some amusing things to look at.  We have been discussing the  
privatization of Social Security, after all; here are the views of  proponents.  
This by the way is a very library issue in that  public librarians either do or 
don't get SS payments--and may either wish to or  not, as the case may be.  
 
The Cato Institute polled at least half a dozen of its friends back in 1999  
and came to the conclusion that this would be a good idea:  
_http://www.socialsecurity.org/zogby/fullreport.pdf_ 
(http://www.socialsecurity.org/zogby/fullreport.pdf)    I bet the Cato folks haven't done any recent polling on the 
issue.  They  wouldn't like the results.
 
[by the way, if you didn't believe the average person was an idiot, it is  
actually likely that a good proportion of the public did desire to see the  
last-resort retirement plan of the nation put into the same hands that leveraged  
us into our current depression}
 
Of course, John McCain was a big supporter of privatization, both for SS  and 
the federal health care system:  
_http://online.wsj.com/article/SB122204378523361477.html_ (http://online.wsj.com/article/SB122204378523361477.html) 
 
And here are some other amusing commentaries on the subject:  
_http://mediatransparency.org/issue.php?issueID=2_ 
(http://mediatransparency.org/issue.php?issueID=2) 
 
Taking a step back for perspective, we find that the private sector  
retirement investments of the majority of the people are in steep, and perhaps  
irreparable decline.  If Social Security had been subject to this, what  would have 
happened?  Well, either folks would have had to exist on a  fraction of what 
they'd expected, or the government would have had to step  in.  I'm guessing 
the latter would have occurred--another bailout of the  private sector by the 
feds.  After which free market advocates could blame  big government for the 
situation, somehow.
 
Librarians who are eligible for Social Security at least rest on the  
knowledge that the guarantor of the system is also the same party who prints the  
money.  Librarians outside Social Security are on shakier ground, depending  
entirely on plans that can (and as we have seen) occasionally do shrink to  nearly 
nothing.
 
All of which brings on the question:  what is the best course for  librarians 
outside the SS system?  So much depends upon the nature of the  retirement 
scheme they're involved in, but it goes without saying that private  savings is 
always a good idea.  
 
One last thing:  I would be curious to see to what extent public  sector 
librarians have influenced the content and direction of their system's  retirement 
plans, other than to simply make choices from within the menu of  offerings.  
 
M. McGrorty
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