Saturday, February 12, 2005

my latest letter....

We'll pay for privatizing Social Security

This message is mostly to young people Bush is marketing his “problem/crisis” and “fix” of our social security. Would you borrow money to fund a 401k? That is what Bush is asking you to do. Even though social security is not a retirement plan. It’s insurance. The cost of funding the diversion of funds to private accounts and continuing to pay benefits will be borrowed. They will launch a 4 decade borrowing spree. The fees to brokerage firms will be up front. Paul Krugman suggests we look to the British experience of the privatization of social security. ......“The selling of privatization also bore a striking resemblance to President Bush's crisis-mongering.”
They are 20 years out and it’s not a pretty site.
We can avoid needless tragedy if we choose to learn from their experience. Relatively painless adjustments can be made to social security as needed. This was done in the 80’s and 90’s.
I believe this is a giant shell game. At the end of the day, Wall Street will have our money. We will have no social security, only the debt for the heist. We’ll be singin’ “Where did the money go?” Inform yourself. Don’t fall for this.

No comments: