Friday, December 17, 2004
Social Security Privatization: Time To Tell The Truth.
Thank God for Paul Krugman. Krugman as astute as ever, reminds us how privatization has failed in the countries that have tried it. Bush and his supply side suicide cult, did not learn from the failure of Reaganomics and are hell bent on imposing the fantasy of privatization on America. Social Security is not a failure. Social Security is not stealing from you. 99% of what you put in, comes right back to you. It is a win-win situation for you. Social Security can remain solvent with little reform. It is the only organ of government that is paying for itself. There is no crisis. None. Nada. Zip. Fellow citizens, you should know by now, that the conservatives are always manufacturing crisises. What about those WMD's? What about the rampant lesbianism in southern Oklahoma? Good God, if it sounds to good to be true, you can bet it is a lie straight from the Bush Administration's mouth. Progressives, don't stop talking about this. Let's raise the volume and educate our fellow Americans and save Social Security.
Buying Into Failure
By PAUL KRUGMAN New York Time's Op Ed Columnist
Published: December 17, 2004
As the Bush administration tries to persuade America to convert Social Security into a giant 401(k), we can learn a lot from other countries that have already gone down that road.
Information about other countries' experience with privatization isn't hard to find. For example, the Century Foundation, at www.tcf.org, provides a wide range of links.
Yet, aside from giving the Cato Institute and other organizations promoting Social Security privatization the space to present upbeat tales from Chile, the U.S. news media have provided their readers and viewers with little information about international experience. In particular, the public hasn't been let in on two open secrets:
Privatization dissipates a large fraction of workers' contributions on fees to investment companies.
It leaves many retirees in poverty. More Here
Buying Into Failure
By PAUL KRUGMAN New York Time's Op Ed Columnist
Published: December 17, 2004
As the Bush administration tries to persuade America to convert Social Security into a giant 401(k), we can learn a lot from other countries that have already gone down that road.
Information about other countries' experience with privatization isn't hard to find. For example, the Century Foundation, at www.tcf.org, provides a wide range of links.
Yet, aside from giving the Cato Institute and other organizations promoting Social Security privatization the space to present upbeat tales from Chile, the U.S. news media have provided their readers and viewers with little information about international experience. In particular, the public hasn't been let in on two open secrets:
Privatization dissipates a large fraction of workers' contributions on fees to investment companies.
It leaves many retirees in poverty. More Here
