Sep 23, 2010

GOP plan to privatize Social Security gives US retirement future to Wall Street gamblers

Ida May Fuller, the first recipientImage via Wikipedia
Social Security is one of the most popular programs in America. Yet the GOP and Tea Party conservatives want to hand it over to Wall Street so it can become a profit generator for corporate gambling. No doubt the idea is being funded by lobbyists looking for easy money with loads and fees they can put on taxpayers' tabs. Why else would there be such a hard push to dismantle one of the most efficiently administrated government programs America has?

Out of every dollar that Social Security takes in, only .09 cents goes toward running the program. If Wall Street takes over, those costs will become fees of 5%, according to MSNBC.

Former president George W. Bush suggested privatizing Social Security in 2005. When the financial markets collapsed in 2008, retirement plans and 401K’s crashed along with the rest of the stock market, and millions were relieved that the Bush plan never went through. If it had, retired Americans might have lost their monthly checks entirely. Is this the path America really wants to take? Or do people simply not realize just how high the stakes are in giving Social Security to Wall Street?

People were outraged when CEO’s at taxpayer bailed-out financial institutions gave themselves multi-million dollar bonuses with TARP funds. Do they really want to give them even bigger bonuses with loads and fees tacked on to Wall Street controlled Social Security, or has anyone in favor of the GOP plan to privatize America’s future thought about that one?

No comments: