I want my money back

What constitutes fraud, if not a service that does not deliver, and so spectacularly like social security:

22 June 2007

Ms. Clara Perez

http://www.democracyjournal.org

Dear Ms. Perez:

Thanks for your e-mail alerting me to Presidential-hopeful John Edwards’s proposal to create “a regulatory commission to protect consumers from dangerous financial products.”

If such a commission does its job, I suggest that the first dangerous financial product that it attacks be Social Security. Not only are Social Security’s returns lousy; not only are its “customers” never vested their “contributions”; not only does the institution providing it have no sound plan to keep it solvent; not only does this institution intentionally mislead its clients about its insolvency (witness its discussions of the illusory “trust fund”) – but its “customers” are forced to buy it. That is a dangerous financial product!

Sincerely,

Donald J. Boudreaux

George Mason University

Found on Cafe Hayek.

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