POLITICAL observations & opinions

* what if the Bush-McCain proposal to put your Social Security funds into the market had been enacted?

Posted by Lew Weinstein on September 19, 2008

Gene Robinson writes in the Washington Post …

  • John McCain supports George W. Bush’s idea of channeling Social Security funds into “personal accounts” that individuals would invest on Wall Street.
  • Some of that money would have been entrusted to firms such as Bear Stearns (failed), Lehman Brothers (failed) and Merrill Lynch (sold at a fire sale).
  • Imagine what this crisis would be like if Americans’ Social Security benefits were evaporating along with their housing values and their 401(k) accounts.
  • This is the man who’s going to reform the economy?



The idea of replacing Social Security with market-based investments is a direct consequence of the Republican philosophy which started with Ronald Reagan’s oft-repeated statement that “government is the problem.”

Republicans have managed for years to convince (fool?) many voters into accepting their “big business, good old boy, less regulation” policies which are so counter to the interests of most Americans, including most Republicans.

Despite his suddenly changed rhetoric, John McCain is no different from George W. Bush and Ronald Reagan before him.

But it looks like American voters finally understand.

Risking their Social Security in the stock market?



For the entire article, click … http://www.realclearpolitics.com/articles/2008/09/mccain_show_his_economic_inexp.html


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: