McCain Would Privatize Social Security

Discussion in 'Current Events' started by midcan5, Sep 18, 2008.

  1. midcan5
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    midcan5 liberal / progressive

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    "The presidential debate must return to Social Security and other issues that affect people's lives. The sleaze that Senator McCain and his vice-presidential candidate throw out as a distraction should be left to the pigs."

    McCain Would Privatize Social Security by Dean Baker

    "The Republicans have already turned to sick sexual innuendo and nonsense about their vice-presidential candidate, pigs and lipstick in order to distract the public from the real issues in this campaign. One of the items that should be on top of the list of real issues is Senator McCain's plans to privatize and cut Social Security.

    McCain has repeatedly expressed interest in privatizing Social Security along the lines proposed by President Bush. For those who have forgotten that nightmare, Bush's plan would have reduced benefits by approximately one percent a year for many workers.

    Workers who retired 10 years after the plan was put in place would see a 10 percent reduction in benefits compared with the currently projected levels. Workers who retired 20 years after the plan was implemented would see approximately a 20 percent cut in benefits and workers who retired 40 years after the plan started would see their benefits cut by close to 40 percent.

    This schedule of cuts would apply to workers who earn $100,000 a year. Workers who earn $60,000 a year would see cuts of about half this size.

    The losses to retired workers could mean big benefits for the financial industry. Under some versions of the plan, the financial industry would rake in hundreds of billions of dollars in fees and commissions over the next 40 years...."

    McCain Would Privatize Social Security | CommonDreams.org
     
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  2. glockmail
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    glockmail BANNED

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    Awesome. Maybe we can fix the system before it becomes another Fannie Mae.:D
     
  3. WillowTree
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    WillowTree Diamond Member

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    who was it just yesterday bitching cause seniors took more than they put in? So now reduced benefits is a bad thing? hhhhmmmm!
     
  4. midcan5
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    midcan5 liberal / progressive

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    By including it in the very system that created Fannie and Freddie - sorry, does not compute.


    A vote for McCain/Palin is a vote to continue the same economic policies that are destroying the middle class in America.
     
  5. Diuretic
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    Diuretic Permanently confused

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    Financial institutions are being nationalised to stop them failing. Why would anyone privatise your social security system?
     
  6. midcan5
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    midcan5 liberal / progressive

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    Good question. Any of you ideological tools care to answer?


    A vote for McCain/Palin is a vote against the fundamental principle of America, the right of the individual to lead their life privately without the government interfering.
     
  7. glockmail
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    Wow are you fucking stupid. Fannie and Freddie were created and run by Democrats. :cuckoo:
     
  8. glockmail
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    Answer: they should be allowed to fail. Propping them up will just make the inevitable that much worse. Best to correct course as early as possible.
     
  9. WillowTree
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    so was social security..
     
  10. midcan5
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    midcan5 liberal / progressive

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    They were created to help during the depression, they did mostly good work. The housing bubble was caused by greed and stupidity, it is why we need a strong regulatory system. Fan and Fred suffered from the very casino mentality that creates all bubbles. It is why SS needs to be kept far away from the investors. The ramifications of free market ideology, get rich quick schemes, and simple poor decision making is why they needed a bailout - not their structure or their purpose.

    Krugman: Fannie and Freddie - International Herald Tribune
     
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