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Wall $treet Gain$, Citizens Lose

Reported by Melanie - December 3, 2004

Treasury Secretary John Snow made an appearance today (December 3, 2004) on Your World w/Neil Cavuto. Snow and Cavuto spent a good deal of time discussing whether or not Snow will continue on as Treasury Secretary but toward the end of the segment their discussion diverged to that of Social Security "reform." (Let the spin begin!)

Snow said the "system needs to be fixed. It's not on a financially sustainable basis." He said "I spend a lot of time with the actuarial numbers and they're clearly not sustainable."

Cavuto asked whether Snow was arguing that we either "raise taxes" or "increase the retirement age, or both?" Snow reiterated that we "have to make sure there's a better understanding in the country and in the congress that the system isn't sustainable and it needs to be fixed." Snow said "a lot of people" say the system "is pretty much fine" but again it isn't sustainable and "what that means is either a very significant reduction in benefits for younger workers or a very significant increase in taxes."

COMMENT: They've got their fear mongering phrases up and running: "reduction in benefits," "increase retirement age," "increase in taxes." Yikes! Who wants any of that to happen, right? Well, prepare to do a lot of letter writing, phoning and emailing folks. We citizens are fighing for our lives on this one. Educate yourself so you know fact from spin. I don't have the faintest idea what the long-term Bush plan is for this country (or even if there is one), but as far as I can tell it's to put the middle and lower classes out on the street while they enrich their corporate buddies. Social Security "reform" will make Wall Street investment firms rich beyond belief. This is Bush's payback to that crowd for all their past (and, hopefully, future) campaign contributions.

Here are a few articles on the subject:

From the Christian Science Monitor: A better fix than privatizing Social Security, By Edith U. Fierst

In short, privatization unnecessarily risks the security of Americans during retirement or disability. Guaranteed benefits under Social Security can and must be saved.

Casa Grande [Arizona] Newspaper: AARP hosts forum on Social Security, by Staff reporters

AARP opposes replacing any part of Social Security with private individual accounts, one of the options under consideration by lawmakers. AARP believes private individual accounts would drain dollars from Social Security and leave less money to pay guaranteed benefits. Currently, Social Security can pay 100% of benefits until 2042. After that, Social Security will be available to pay 73% of benefits. (Emphasis added.)

The AFL-CIO website: Under Bush Social Security Plan, Wall Street Gains, Retirees Lose

Wall Street firms would enjoy a whopping $940 billion windfall while retirees would see their benefits tumble, if President George W. Bush pushes through his plan to privatize Social Security, according to a new report.

This is an emergency folks.


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