Customer Reviews

New Century, New Deal: How to Turn Your Wages into Wealth Through Social Security Choice

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This is the first book on financial matters that made me laugh. I'm amazed to feel both enlightened and entertained by a book on such a serious subject matter. And, who'd have thought that a Democrat would criticize his own party so deeply. This book could be the key to turning the politicians (slowpokes) around on a REAL honest approach to rescuing us from the outdated and ineffective Social Security system we're stuck in. As a Gen-Xer I'm baffled at why this commonsense approach isn't already in place. I plan to give this book to many friends and be a part of changing the system!

I naively did not know that 12% of my income is witheld for Social Security taxes. More disheartening, I did not know that I receive only a 2% return on this money.

Ouch.

However, New Century New Deal, made a great point. I could own some or most of this money and earn mutual fund rates of return. I am a believer and you will be if you read this book.

If you are as tired as I am of hearing conflicting political "plans" of how to "save" social security, here is a Wall Street CEO (and a democrat!) willing to go the distance. New Century, New Deal openly advocates major reforms including giving you more say in how your money is invested. Dokken takes his own party to task in a refreshing rebuke of Gore's current scare tactics. A common sense approach to one of our Nation's great debates.

I was devastated to learn that as a young worker I will receive less than a 2% return on my Social Security taxes. However, I was excited to learn that we have a choice that would allow me to earn 8-12% like the mutual funds I own. If I'm allowed to save a portion of my Social Security taxes, I could retire with over $1 million for retirement.

This made me a believer.

This is a very simple, easy to understand and timely book for any young, financially concerned reader.

With simplicity and folksy anecdotes, Wade Dokken makes a complicated subject easy to read and understand. I enjoyed this book and am convinced that it's time to fix a problem that most politicians are afraid to tackle.

Reading Wade Dokken's book, New Century, New Deal, was particularly gratifying in many ways. As a Wall Street market strategist for years, I have spent considerable time analyzing and measuring the benefits of privatizing social security, and I have long been a believer in the merits of privatization. Naively, I have always thought of this issue as one of the "Republican" ideas which would never find favor with Democrats. What a delight to discover a life-long, ardent and proud Democrat is the author of a book that succinctly and eloquently lays out the case for privatization. Importantly, he focuses on what he calls Social Security CHOICE, rather than a mandatory privatization. This book should be read by every Senator and Congressman before they cast a vote on the subject. Wade Dokken details clearly why, without a choice based system, wage earners will be subject to either massive tax increases or benefit cuts. He then goes on to make the case that "Social Security Choice comes down to the simple principle of fairness", allowing as how those with a lot of money do not need social security. Rather, it is the lower and middle income wage earners who stand to benefit from investing their own portion of social security. How right he is! This book is an easy read. It doesn't try to solve the mathematical problem. Rather it deals with the principles for privatization. Anyone with a couple of hours on a train or a plane or in the back seat of a car can become a convert.

This book was horrible. Wade was promoted to CEO of American Skandia, in his role he made sure to oust the previous CEO from any say in what happens with the company. This Ex-CEO was responsible for brining American Skandia to the top. After Wade drove American Skandia to the ground he was quoted saying in a management meeting "When this company is sold I'm going to get rich". Is this someone that you have confidence in directing you where to put your money. Let's remember that he lost so much credibility with his clients that he almost ran the company completly to the ground. Now Prudential has saved American Skandia from complete destruction.