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Insurance companies collect premiums from their customers and invest them to create wealth. This wealth generates earnings that are then used to pay annuities or life insurance benfits whenever they come due. Under this arrangement, the size of any current, previous, or next generation does not matter.

Social Security, on the other hand, has never created any real wealth. The taxes are collected and spent. In the case of the baby boomers, their taxes were collected and used to pay benefits to the much smaller generation that was already retired as well as many other government programs.

In this repect, Social Security is much like an illegal pyramid scheme. The first people who put their money into the pyramid scheme get repaid from the money received from those who join later. Everyone gets paid as long as the pyramid keeps expanding. Unfortunately, just like populations, pyramids stop expanding and those who join last are stuck with nothing but a bill.

In Kerry's opinion, the problem with Social Security could have easily been "fixed" by using budget surpluses or by denying those who create wealth with some much needed tax relief. This would have solved nothing. It would have, however, enabled the current administration to avoid handling this political time bomb, leaving the hazard to some future administration elected by our great grandchildren.

John Kerry's stand on Social Security is that it will not be privatized if he is elected President. Like many liberal Democrats, he argues that privatization would be "risky". Essesntially, they are objecting to allowing people to put their own money where they see fit. Like most politicians, they believe they know what is best for us better then we know ourselves.

The fact is, liberal opposition to the privatization of Social Security come down to dollars and cents - billions of dollars and cents. Without the Social Security "fund", they cannot buy votes with all kinds of fund-financed government programs. Unfortunately, when it comes to creating wealth and prosperity, government programs have a poor track record.

One should feel no greater a sense of insecurity than when depending on a polititian.