H/T: Crooks and Liars
Jack Cafferty is the only person I’ve seen on TV so far to make this incredibly important point: If George Bush and John McCain had their way with privatizing Social Security, millions of seniors would be totally screwed right now.
From The Cafferty File:
“Bear Stearns, Lehman Brothers, Merrill Lynch, AIG, Fannie Mae and Freddie Mac.
The crisis on Wall Street is enough to rattle any investor Let alone one who is about to retire or whos already living on a fixed income.
401(k)s and pension plans — many of which have exposure to these troubled companies — are taking huge hits as a result of this mess.
Luckily we have the safety net of Social Security to fall back on. For now.
You may remember just four years ago President Bush made a big push to partially privatize Social Security You know so we could individually invest our future with the great minds on Wall Street. It failed back then, but that concept could still become a reality. See John McCain also supports supplementing Social Security with private investment accounts. His opponent Barack Obama does not.
Heres my question to you: In light of the failures of large financial institutions, is privatizing Social Security a good idea?”