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PHIL LOSSIFER
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Been lookin' at Bush's Social Security reform thing, there's data all over the place, confusin' ever'one. Near as one can figger here's what's involved:
Reform wants t' take one third of yer contributions an' give it t' stock market t' invest like a 410(k) thing. They say market investin' gives y' more interest than y' have now. Sure, like bein' encouraged t' use 401s for investin' in yer employers stock, only t' lose its value when sold or bankrupted by CEO's givin' bonuses t' their friends on the corporate board. Many people got burnt durin' the last stock market decline. When the market goes down, y' lose big time, immediately: When the market goes up yer 401 or retirement package increases slowly. Back in '84 the market dropped 400 points, next day went up higher, but it took two years t' recover.
Another point is lower salaried workers: They're dependent upon social security upon retirement lasting since they don't have the wherewithal nor the intelligence t' run their own private accounts. Here's where the snake gets in the woodpile: These private accounts'll be charged a fee t' manage 'em. They'll say it's peanuts, but when yer only puttin' peanuts in, the golden goose be layin' lead eggs. Stock market salesman like auctioneers, never told a lie although the truth might be suspect.
They say no way will people drawin' social security now be affected. Lookin' close, however, privatization takes money away from social security deposits, so govmint hasta borry a trillion here 'n there t' make up for the shortfall. Here's where one hasta look politicians in the eye an' ask 'em where they're gonna git the bucks from? They'll borry it from banks, who'll charge interest. Stock gurus'll git their management cut, banks'll git their interest an' our Republicrat legislators'll git campaign funds from lobbyists! No way will govmint be able t' pay benefits people wouldda got under the present plan. They also admit won't be any difference in money received when retirin', it's from a different place.
It won't affect oldsters, that's what's bein' sed. Heard that song afore. Promoters say don't worry 'bout it, everything'll be better. What will happen, coupla three years down the line is they'll hafta cut benefits, t'keep things "solvent". Medicare's in trouble, spossedly hafta cut benefits t' retirees an' payments t' medical providers.
Here's what it looks like t' me: Corporate money thinks Social Security money is theirs fer the takin', but since they cain't git it legally from the system, they've dreamed up a way t' funnel part of the funds t' them. It'll pass, because there's megabucks t' be had by Republicrat legislators intent on preservin' their jobs, raisin' their paychecks an' greasin' local yokels with pork. Social Security reform will pass! Look fer the money, this is an insider deal as lobbyists spend money like water! 'Nuff sed?
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