Where Are Supporters for Social Security Privatization Now?
The Weekly Standard's Fred Barnes reports that the president cited his push
to privatize Social Security as his biggest domestic accomplishment:
On domestic policy, Bush was asked if he made progress in some areas
for which he hasn't and probably won't get credit. Topping his list was his
unsuccessful drive in 2005 to reform Social Security. Bush said his effort
showed it's politically safe to campaign on changing Social Security and then
actually seek to change it.
He also said it was important to have raised private investment accounts as
an attractive option in reforming Social Security.
According to
"The stock market's
prolonged tumble has wiped out about $2 trillion in Americans' retirement
savings in the past 15 months, a blow that could force workers to stay on the
job longer than planned...
For many Americans,
pensions and 401(k) plans are their only form of savings. The dwindling of
these assets -- about a 20 percent decline overall -- is another setback just
as many people are grappling with higher gas and food prices, more credit card
debt, declining home values and less access to loans."
Where are all Bush's supporters of his privatizing of Social Security now that the economy has tanked?
Why do I have a gut feeling that some of these supporters of social security privatization were also some of the CEO's and Bank Directors that helped their companies and banks go bankrupt and ask for bailouts this past year?
That W would cite his laughably inept and soundly rejected campaign to privatize Social Security as his biggest domestic accomplishment is more proof of his pathetic inadequacy as President. I must laugh to keep from crying.
January 7, 2009 12:31 PM | Reply | Permalink
Answer: They are still there, just keeping their mouths shut. The people who wanted SS privatized would have made a killing regardless of the current economic decline, and would have had more personal wealth to pad their own losses. You can be sure that, once the markets claw their way back to full recovery, those same greedy shits will be back as if nothing happened to ruin thousands of middle and lower class people's lives.
January 7, 2009 1:56 PM | Reply | Permalink
They are kiting their Social Security Checks at Brother Madoff's Bank.
January 7, 2009 4:29 PM | Reply | Permalink
Ironically, now is probably a much better time to be getting into the stock market than when so many people were in favor of it.
January 7, 2009 4:54 PM | Reply | Permalink
Yeah, w is clueless. He points to his dumbest, biggest failure (outside of illegal spying on Americans, proceeding in an illegal war, failing to do his job overseeing capitalists, ...ah forgetit)
as a success.
The Orwellian adjective is over used. But black is white, soft is hard, orange is purple. That has been this administration's message for so long.
At least DickC knew what he did was wrong and did it anyway because he thinks the presidency is a dictatorship.
w really does not remember half of what he has done.
He will never take responsibility for it.
I do know this. Everytime, and I mean Everytime, some idiot starts talking about a Bush Legacy, that idiot must be confronted. Immediately.
January 7, 2009 6:03 PM | Reply | Permalink
Coonsey - I still wish that Social Security were privatized. Rather than take out money from my paycheck for social security, I wish I could keep the money and invest it as I see fit.
Yes that private account would be down this year, but I am fully confident that whatever's in that account when I retire will be mine. I have no faith in the government that I will see upon retirement the money they are currently taking out of my paycheck
I am not a CEO or a bank director. I am not in the upper tax brackets. I just don't trust the government and how they handle social security. I can save on my own.
If I was close to retirement then I wouldn't have that money in the stock market but that's still MY choice.
And if I have a long term horizon (more than 10 years) then I'd rather have the money in the capital markets than just give it to the government.
Over the long term the stock market is still the best investment option.
January 7, 2009 9:05 PM | Reply | Permalink
You can MCB. You take the check down to the bank. Endorse it and give it to the teller. Then write a check for the exact amount to Madof & Sons. GUARANTEED RETURN.
January 7, 2009 11:35 PM | Reply | Permalink
Ha Ha. Everybody thinks that Madoff is representative of the entire investment community and that's not true. First off I wouldn't have had enough money to be a client of Madoff's. I invest with Fidelity and Vanguard.
But I appreciate that you were just trying to make a joke.
January 8, 2009 6:22 AM | Reply | Permalink
Sounds like some of you are victims of the original mis-representation of Social Security. It is and always was a tax on employed folks to give welfare to old people. Although the accounting of it is related to your income amount - and although in theory there had been a 'surplus' to stave off the day when welfare payouts to its recipients exceeded the payments from payroll taxes - it never was 'your money' being invested for you by the government. It was always a transfer program... tax the employed to pay for those not working (originally intended to be those old folks who were 'retired').
It was always a tax tied to welfare payouts - it was never an 'account' for anyone. But they sold it to look like a retirement account since the US wouldn't accept the truth (though it wanted the benefits).
Any setting up of 'private' accounts would simply take MORE money out of the pool from which current benefits are paid.
You've always had the option to make your own savings accounts or investment accounts. The existence of S.S. doesn't take away your right to save and invest on your own... it merely 'promises' you some future welfare loosely related to your current tax payments to current recipients.
January 7, 2009 9:31 PM | Reply | Permalink