and Galveston, Texas, there are about 9,500 cityemployees who escaped Social Security before all laws were set in stone. The Galvestonemployees, with a very conservative, low-risk investment program, have great retirementbenefits. The San Diego employees have greater freedom to invest. They can choose betweenlow risk securities and among four mutual funds. Since 1996, they have received an averageannual rate of return of more than 14%.There are some who would argue that too many people might make poor investmentchoices, and end up going to the government for assistance upon retirement. There is no sureguarantee that this would never happen; however, this has not happened in Chile, Galveston, orSan Diego. The purposes of mutual funds is to make a profit with very little risk. By investinginto these and other low-risk programs, there is very little chance of people making poor choicesthat leave them with nothing.The simple fact is that privately owned retirement accounts would produce an incomemuch greater than Social Security provides, and we wouldnt have to face the problem ofrunning out of money. Real life programs like the ones in Chile, Galveston, and San Diego showhow successful Social Security privatization can and would be if only the government wouldgive us the freedom to choose how to protect our future. The current system has failed. Its justa matter of time until Social Security is bankrupt. It is time for the government to let the peopledecide how to provide for their own futures. ...
