[steps to lectern, taps micropone]
Ahem.
You are screwing yourself.
If you vote for the corporatization of government services, and you do not personally control a corporation that stands to profit, you are screwing yourself.
If you are betting that the profit motive will work in your favor as a customer, you are screwing yourself.
If you vote to reduce or eliminate a benefit program that serves you, and you do not presently have a specific plan that you know for a fact will replace that benefit, you are screwing yourself.
Tell me, mister private-account advocate: what's your track record in the stock market? Do you have any evidence that your ability to manage investments can guarantee your income in retirement? Because you are throwing away a guaranteed benefit right now.
What stocks do you recommend today? Why? What are their underlying financials? Can you read a balance sheet?
If you have no answers for these questions, and you advocate the elimination of your Social Security benefits in favor of private accounts, you are screwing yourself.
There is no poorer performer in stock markets than the uninformed investor. You are what poker players call "dead money": you're just keeping the chips warm for a little while before one of the real players takes them from you.
Personal responsibility sounds great. Until you consider how few necessities in life we are each truly personally responsible for.
Would you, my fellow American, like personal responsibility for defending America's borders? Apparently not. Recruitment numbers for the military are dropping precipitously.
How about personal responsibility for keeping the peace in your town? Unless you're already a cop (and my deep thanks to you if you are), you've already made it clear that you don't want personal responsiblity for that.
Perhaps you'd like to take personal responsibility for researching new medicines?
Or for ensuring the safety of every ounce of water you drink and morsel of food you eat?
This is why we have a government. There are things that must be motivated by public interest at all times, without interruption. Criminal justice. National defense. Retirement income. Medical care. Fire protection.
When you corporatize a function of government, you subject it to the ebb and flow of the market.
If we're talking about, say, clothes, the market works fine. So we have a few ugly seasons in the fashion arena here and there. Market competition will ensure that we eventually get something close to what we want.
But competition in, say, retirement income is another matter. If you find yourself without income because your chosen retirement provider is competing poorly, there's no laughing it off.
You will die. In a nasty, miserable, terrifying way. Cold, hungry, alone, on the streets.
I'm not exaggerating. That's what happens when you have no money, and it happens fast.
Are you so certain it will not be you? You couldn't even tell me what you planned to do with your money if you did control it.
Without a guaranteed income, some percentage of us will end up dead like that. And the chance is higher the less financially educated you are.
If you don't know whether a loan secured by accounts receivable is an asset or a liability, and how it should look on the balance sheet, or even WHY IT'S CALLED A BALANCE SHEET, you're toast as a stock analyst.
Don't screw yourself.
We are all walking a high wire in life. Keep a safety net.
Thank you and good evening.