Privitizing Social Security -- Republican Ideology Would Cost Retirees Dearly
By: Macduff Published On: 9/18/2008 12:35:56 PM
Where are they now?
Bush, McCain and the other Republican advocates of privatizing social security wanted to divert everyone over to private accounts based on index funds or other stock investments. Their ideology said that markets are always best.
Let's see, the Dow Jones Industrials is down 25% from its peak over the last year. The S&P 500 is down 27% from its peak during the past year. Today's numbers are at or below where they were in 2000.
Imagine everyone's social insecurity under that scheme. The investment firms (who are the main source of today's market collapse) would benefit from the added fees. But, retirees would be hurt badly. And, if Congress responded to pressure to bailout ordinary people, not just investment firms, then taxpayers would be hurt too.
McCain supported Bush's privatization proposal in 2006, advocated that approach in 2000, and apparently still supported privatization when asked about it by the Wall Street Journal, earlier this year. That's not the kind of "change" we need. For more information on McCain's position, check out: http://www.aflcio.org/issues/p...
Comments
Great Point (Matt H - 9/18/2008 12:42:33 PM)
Obama should drive this point home and improve his numbers with seniors.