Privatising SS

["Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>]

Speech by SEC Chairman: The Future for America?s Investors ? Their
Rights and Obligations

A $1,000 mutual fund investment made in 1950 with returns mirroring the
S&P 500 would be worth over half a million dollars today. But, before
you start shopping for the yacht, there's still a bit of math to do.

After you figure in the compounding costs of mutual funds,
conservatively a little under 2 percent, that figure is reduced to just
$230,000. If the fund is not meant to be tax efficient, that number
drops to ? if you can believe it ?  just $65,000. Without paying
attention to costs, an investor stands a better chance of earning a
million dollars as a contestant on "Survivor."

Ben Franklin once said ? which you can read for yourself in the little
black book we've provided for you today ? "Beware of little expenses; a
small leak will sink a great ship."

http://www.sec.gov/news/speech/spch457.htm