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Because we don't want to give the money to Wall Street, that's why. I own stocks, but some of my money is in secure savings, too--just in case; The people who want to privatize social security should go back to selling aluminum siding.It is true the market does crash, but over the long haul, stocks do perform far better and the money would average in both good and bad years. Quite a few nations have sovereign wealth funds, that invest social security dollars in both bonds and stocks. USA state pensions plans may do this too. Calper's (California's system earned 9.3% last year). Investments | CalPERS I think the reason it is not done in the USA, is because the government would have to give up that money to let people invest it. You are right though about IRA's though I think there are many especially lower income Americans that have no private accounts.
The reason is that it was never supposed to be an ID, just a kind of memorandum with your Social Security number on it. Back in the old days when the program was begun conservatives were dead set against anything that smacked of being a national ID. In fact, up until 1972 "Not for identification purposes" was printed right on it.Every year AAA sends me a new plastic-y card with my member number on it.
Social Security “cards” are paper “card-stock” and must not be laminated…because reasons.
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