Hello? If McCain Had His Way, That'd Be Our Social Security Money Wall Street is Losing
What do we democrats have to say about the mess on Wall Street?
Today Obama said it proves that the Republican economic philosophy has failed, and I heard him mock McCain for calling for a commission because "we know how we got into this mess." Now some people think about things like "economic philosophy" a lot, and many have at least a general notion of how we got into this mess. But even though everybody cares how much money ends up in their pockets, most people are understandably a little fuzzy about all the policies and philosophies and market forces behind our very complex economy. To further confuse the issue, McCain is also saying something about reform, and taking on "fat cats," and accusing Obama of being just as cozy with these Wall Streeters as anyone else. And at this point, slightly more voters trust John McCain to handle the economy than trust Barack Obama.
As it happens, though, not that long ago we had a rare political moment in this country, a moment where the public sat up and took notice of economic policy -- and spoke out and made its voice heard too. When George W. Bush made it to term #2, he decided to try to privatize social security to reward his supporters on Wall Street with a new source of capital, customers, and fees. (Those would be the same people whose firms are now cratering under the weight of the bad debt they recklessly took on while Republican regulators looked the other way.) But as it turned out, we Americans were not about to let our elected representatives turn over our social security taxes to Wall Street financiers to gamble with if it meant losing the guaranteed income that has allowed millions upon millions of American seniors to live out their sunset years with at least a basic measure of dignity.
But while ordinary Americans spoke out, John McCain stood with Bush (hugged him awkwardly in public, even), against the American people. In fact, just six months ago, McCain again let slip his fondness for privatization.
I have been scratching my head why this has not been talked about more, especially since Obama has been having trouble winning votes among seniors. There may well be some good reason I'm missing why it hasn't been a top argument thus far.
But now that you can't look at a newspaper or TV screen without seeing the mayhem on Wall Street, it's time to remind Americans what the world would look like if John McCain was in charge of our economic policy. Plenty of people are losing plenty of their retirement savings as it is. But if we had let Bush and McCain privatize social security, some of those people would be losing a lot more. And a lot of other people with less retirement savings would be hurting even more, because they depend on social security to cover basic needs.
This is something Americans understand: social security is secure, and the stock market is anything but. There are few more personal or dramatic ways to illustrate McCain's terrible judgment than to imagine the nightmare scenario so many Americans would face if McCain and Bush had gotten their way on this -- or if McCain were to get his way as President.
When Wall Street's woes are the top story, this should be our top talking point.
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Privatizing SS was one big scam in itself. Not to offend anyone, but not many people if given a chunk of money would even begin to know how to invest it. So other than stuffing it in your mattress, you would have to go out and spend a portion of that money to find a financial consultant and probably bump into a lot of corporate scammers that would be eager to help you out? I don't mean to be synical but we haven't exactly created a culture of giving something for nothing. Capitalism does have its down side. I think Michael Moore should do a horror flick documentary based on what would happen if we privatized all govt. entities, like police, fire, etc., turned the education system upside down and created vouchers, cowboy ourselves over to Iran and Russia, as we slowly became China, you know fun things like that, all while Sarah Palin was president. Then release it by Halloween!
Social security is secure? You mean today right? We're talking about the system that is scheduled to fail in about 30 years unless its reformed right?
Go ahead and think your social security is secure in the hands of the federal government.
I would rather control my own retirement and make my own retirement investment choices, thank you very much.
It's a damn sight more secure than if we had gambled it all on Wall Street, isn't it?
ANY type of privatization should have been discredited long ago. Cities that turned over their water systems to private companies, for example, found their water bills tripling or more in less than a year after the private company took over. How can a private company that has to make a PROFIT do something cheaper than a government entity?
See Joseph A. Palermo's Profile
Excellent! I have similar thoughts in my blog today -- what a disaster this would be if they had gotten their "ownership society" back in 2005 (pre-Katrina) when Bush was riding high.
OBAMA.. STOP BEING NICE AND INTELLIGENT AND BEAT THE CRAP OUT MCCAIN.. ENOUGH NICEY NICE... You don't have to stoop to his level.. JUST TELL THE TRUTH IN A LOUD WAY. OR GET BIDEN TO DO IT.. BUT DO IT!
lET LOOSE EVERY SURROGATE IN EVERY STATE - ARM THEM WITH WRITTEN FACTS
and ask them if they really trust Palin! Because 2000 Doctors are now questioning McCains Health Big Time. If the charts are correct - McCain might have short time before totally incapcitated!
http://the
Everybody in the U.S. and the World should be scared S-----ss
I have been wondering the same thing regarding SS. If it were to be privatized, when people had gotten in trouble by risky investments and lost their $ would they get a federal bail out? This country has it's head up its butt. If it makes any kind of sense we don't do it. It's the same as management in a company. The most incompetent people are those in charge of management. While the actual workers( who really know how things work-in their company) input is just ignored. This country is doomed if McCain and Palin win the White House. I'll be posting for a fund from the republicans, since they don't want my kind in the country. They think that they are the only ones that matter.
We have seen the enemy and it is US! We allowed this mess to happen when Congress repealed the Act that was successfully regulating excessive interest rates and trading back in the Clinton years (can't recall the name of the two sponsors of that act, passed in the 1930's under FDR). Once that happened, all hell broke loose in the mortgage and lending markets, including high interest rates on credit cards and defaults. We manage to deregulate the best regulations, and then turn around and blame anyone else we can find. I am a staunch Democrat, committed to helping Obama-Biden win, but we need to call the shots honestly, so that we don't repeat these grievous errors, on anyone's watch.
Now, both McCain and Obama are struggling to come up with short answers, when there aren't any. Wake up, America!
Why has Obama not hammered this?
My Mom's 401k vaporized taking care of my father after Alzheimer's took its slow ravaging course. She worked to 70 keeping private coverage for my father, even as her 401k money was drawn down. Social Security is all she has. She is not unique.
Republicans do not care. They are concerned with billionaires who exert influence over every level of government. Wall Street gets bailed out, big oil gets tax cuts, Detroit gets loan guarantees and "We the people" get nothing but the bill.
It's time to debate the we versus me society. We do not stand alone- we are part of a community. Every decision should not be based upon greed and self-interest.
The drive to privatize Social Security should be the poster child of this appeal. It's the same denial that has people thinking we can borrow our way to prosperity or drill our way to energy independence. It's the denial of community that allows mountaintop removal mining, sweatshop imports, union busting and allows our schools to decline.
Republicanism's malignant offspring NeoConservatism is nothing more than economic darwinism. It's time every progressive start calling bullshit every time the Milton Friedman mantra is trotted out. It doesn't work, didn't work here and hasn't worked anywhere. It is the foundation myth of Conservative America. It has brought us a damaged economy and 10 TRILLION in debt. How much more damage must be done until people wake up and take the gloves off?
NoPC zone
I started my working career in the late 70s The Dow was in the 600s. Had I been allowed to invest a portion of my SS taxes into the market, I would be so far ahead in my retirement accounts, and those funds that have gone into SS would not have been pissed away by a gov't, republican or democrat that raids the non-existent SS fund. If the Dow is at 10,000, or 13,000, it is far higher than the 600s.
Those who are opposed to allowing a portion of the payroll deductions to be invested in the private market are too fixated on the short term rather than on the long term. Even with the crash in '29 the market has ALWAYS ALWAYS ALWAYS outperformed the return in the SS system.
And, it will protect the younger generations from having to participate in the current "pay as you go" system that will soon leave three workers paying for one SS recipient.
Do the math.
That's a great story. I didn't realize you could buy stock in the DJIA, or that not one single stock has ever tanked since 1929.
Factor in inflation and changes in exchange rates. You would still have lost money in constant dollars.
First, let me congratulate all my fellow Americans; we are now, officially, major shareholdres in Fannie Mae, Freddie Mac, AIG and a number of other loosing enterprises.
Amongst the fringe benefits of this partnership the Bush/Cheney (Cheney/Bush) administration has forged for us are: 1) massive devaluation of our property 2) underwriti
But it's not over yet; expect more partnerships with banks in China and the United Arab Emirates, car manufacturers in the U.S. and in China, and airlines.
And for those of us who really want to make the ruin complete and assure the U.S. to join the ranks of the 3rd world, vote for McCain/Palin and as many Republicans as you can in November and that way make sure that your Social Security benefits (you know that Liberal mistake of FDR's) will be gambled away as well.
NOSMAVAN
Actually that was our Social Security money they walked away with !
Oct 1st, 2008 a Interest payment of $ 511,000,00
When the USA does not make that payment in cash plus a payment on the Principle of $9 Trillion plus the USA crosses the POINT OF NO RETURN.
The USA will never be albe ot pay the ever increasing amount of interest due on the National Debt and never be able ot make a payment of the Principle.
We have lost the battle of debt, interest, and repayment !
Just to think a few years ago the National Debt was on the way out with full repayment in 15 years.
We have truely come a long ways in 8 years.
Our grandchildren will never know the freedom od not having a National Debt unless the USA goes bankrupt!
Actually that was our Social Security money they walked away with !
Your were just skinned of an good economic future!!!!!!!
Oct 1st, 2008 a Interest payment of $ 511,000,00
When the USA does not make that payment in cash plus a payment on the Principle of $9 Trillion plus the USA crosses the POINT OF NO RETURN.
The USA will never be albe ot pay the ever increasing amount of interest due on the National Debt and never be able ot make a payment of the Principle.
We have lost the battle of debt, interest, and repayment !
Just to think a few years ago the National Debt was on the way out with full repayment in 15 years.
We have truely come a long ways in 8 years.
Our grandchildren will never know the freedom od not having a National Debt unless the USA goes bankrupt!
This is one of the best points I have heard in the last few days. Obama needs to beat this into people's heads. It's a scary thought to think what would happen to Social Security if it were privatized.
How anyone could trust McCain for anything just illustrates how uninformed people (voters) are. McCain has reversed his opinions and then reversed the reverse ad infinitum. He is so determined to become president that he would say anything, to anyone, about anything, anytime. Voters who listen to him pontificate about his great service during the Vietnam war get thrown off the track of truth. He is a self serving politician who is so hungry to be more powerful than his Admiral father and grandfather, that all vestige of truth is ignored or altered. He appointed a totally unqualified person to be a potential Vice President in order to placate the religious neo-cons and benefit from their self-serving generosity. It is SHOCKING and I mean SHOCKING to witness the crass selfishness of a politician like McCain. His views of Social Security and his disparaging ideas for eliminating it, only serve to point out how little he cares about the people who live in the United States and their welfare. He is so much like GWB that it is scarey!
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Thank you, thank you John for this excellent article. It's not relevant whether you have 401k or not. Financial crisis will come and go, but many retirees can't afford the ups and downs of the market. Keep the social security safe and sound!
Go Obama/Biden!
Go ahead - vote for someone with 18 months experience - in these very troubled times. The truth - Clinton abolished Glass Steagall. That's right folks, your Democrat Bill Clinton. By his repeal, it allowed banks & Investment banks to basically do what they want - and invest in whatever they want to - MEANING - that's exactly why we're in the mess we're in now. DEMOCRATS. Further, Democratic Congress did nothing as the credit crunch and mortgage crunch was developing. It developed right under their nose - and THEY DIDN'T do a thing. Now you're looking at electing 18 months experience to save the world. NO TIME TO EXPERIMENT, not now, not ever. Also, under your previous Democrat, we had the Tech bubble of 2000. This slide began in 1998 - again under your Democrat. WAKE UP AMERICA now. VP running mate hates WOMEN. I could go on & on, but if you don't get the picture now, you won't ever get it. Obama, never made a MAJOR DECISION in his Life. Oh, while Americans are suffering, he gets people to pony up $30,000 a ticket last night. That's right - $30,000 PER TICKET - more than many Americans make in a year. Is that being in touch with the common AMERICAN person ?
Senator Phil Graham SKIPPED & HID the Banking Deregulation Bill in an Approaitions Bills and the iverturning of Glass Steagall was never debated on the fllor of the Senate so only the Republican knew it was hidden in the bill.
Republicans were in charge of congress in 1999 when the gramm-etc-etc. de-regulation bill was passed. All republicans (except 1 who voted present) in senate supported it, all dems (except 1) voted against. Since the republicans held the majority, the measure passed and clinton signed it (something that I very much disagreed with). The congress was under republican control with a republican executive at the helm as the financial markets began to spiral out of control, and they further exacerbated the financial situation by cutting taxes and starting 2 wars.
But what am I thinking, you're a republican, obviously the truth means nothing to you.
First of all your facts are wrong, just another Republican talking head!!! Should I scream that for you!! Your buddy Reagan started this mess, remember the savings and loan failures of the 80's due to Republican deregulation? Of course you don't, you guys never remember anything, like McCain's dinner a few nights ago that cost $50,000.00 to go too.......
"Since 1997, firms that gave over 60 percent of their donations to Republicans saw their revenues increase by over 20 percent; the figure for firms that donate 60 percent or more to Democrats was slightly less than 8 percent," says the Center for Responsive Politics in a 2000 survey of campaign spending by lobbying firms and lobbyists. Does republican congress ring a bell. How about the Keating Five. I too can go on... Can you name one meaningful oversight committee the republicans had while they were in control? Regulation controls greed. Would you buy a house that was built without building codes? Go ahead say yes with a straight face.
Wow...you mean to tell me that *8* years later and the best you've got is dragging out the old Clinton carcass and beating that a few more times? Is there ANYTHING you can't hang on him? Never mind guys like you are still blaming *him* for 9/11 - I'll bet you will even claim he stole your newspaper right from your driveway! And really - you are seriously going to bring 'experience' back into the mix in front of the Trojan Moose?
You can choose to bury your head in the sand (as it's clearly buried somehwere!) and ignore what the Bush regime has brought us and accept that McSame is what makes you warm-n-fuzzy, but there's no way in h ell I can vote for a man who can't keep his own lies straight from DAY TO DAY! '18 months experience looks a damn sight better to me than someone with almost 30 years of BS under his belt putting us a heart attack away from someone who has EVEN LESS EXPERIENCE THAN OBAMA!
I'll FedEx you some smelling salts....
Unfortunately, anything this country does now bailouts, saving other countries like Georgia, money into the Iraq pot (even though they have their own), rebuilding Afghanistan with good schools, healthcare (really? Country First) etc. is on borrowed money. BORROWED MONEY! And contrary to popular belief, we don't have a big hole of money! And I am sorry but reforming Washington (a lot to chew for a bite size man when he has been a big part of it) and getting rid of earmarks/porkbarrel spending is not the answer and a crock of you know what!. He knows full well that if you added all the earmarks and pork and put it in a pot, it wouldn't even put a dent in our deficit or the costs and borrowing that continue every day! And by the time the commission he want to set up to analyze why we are in this mess, comes up with an answer, he will be gone anyway! So how is that for reason 999,999 not to vote for McCain? We need to put him in to retirement so he can enjoy the social security he almost helped piss away for everyone. But that would only cover lawn care for one of his homes.
He is already collecting social security, Medicare, his veterans benefit package with pension and healthcare, and a senate salary. It's amazing how anxious people who have all of the above are to make sure nobody else gets any of these things because they are so much like welfare...
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