Saving Retirement

To have any form of retirement beyond age 70, we would need to close down the Federal Reserve System and let the market determine interest rates.  That would put interest rates at about 6%.  Workers would need to invest 15% to 30% in their individual private retirement accounts for their 50 year working life in some form of investment.  Retirement income should be “tax free”. 

Stocks would no longer be a hedge against inflation, because there would be no programmed inflation, just supply / demand commodity fluctuations.  We closed the Federal Reserve in the first paragraph, remember ?  Stocks would be picked to compete with investments in other folks debts.  Debt would not be taken on unless it’s completely necessary.  Savers would borrow from their own accounts.

The government would no longer be able to subsidize anything, so it wouldn’t run up the cost of anything.  The costs associated with health care, education and government would settle down to one third of their current costs on their own.  The Constitution (as written) would work.  Of course, most laws would need to be repealed.

The best way to make money would be to start, build and own private companies that could be built up and sold. There would be no monopolies and innovation would flourish. The free market would flourish. With no government bail-outs, lenders would get very good at assessing risk.

We would need a real judicial system to protect our property rights and real legislation and we would follow the Constitution (as written). 

Campaign contributions would be made only by registered voters to candidates who appear on their ballots.  There would be no special interests running the country.  Only U.S. citizens could own U.S. land and government ownership of land would be severely restricted.

Milton Friedman said: ‘You can have open borders or a welfare system, but not both.’

Norb Leahy said: ‘You can have a retirement plan or a Federal Reserve, but not both.’

Norb Leahy,  Dunwoody GA Tea Party Leader