S&P 500 Down 14% Since Bush Took Office -- So Much For Social Security Privatization

[ProSense]

Mark Nickolas

S&P 500 Down 14% Since Bush Took Office -- So Much For Social Security Privatization

Today, the stock market took another major tumble, with the Dow Jones dropping 450 points (more than a 4 percent drop).

But much more importantly is the fact that the broader market (S&P 500) fell 57 points to 1,156 (almost a 5 percent drop). I say "more importantly" because one of the most popular 401(k) investments are index funds that track the S&P 500.

On the day that President Bush took office in 2001, the S&P 500 stood at 1,342.54, meaning that it has dropped 14 percent during his tenure.

Now realize that if Social Security privatization was in effect when Bush was sworn-in, those retirees who invested in the broader market would have seen their Social Security nest egg down 14 percent over those seven-plus years. Instead, they've seen an overall 12 percent increase on their Social Security benefits during that same time frame, thanks to annual COLA increases.

John McCain (R) is for Social Security privatization. Barack Obama (D) is against it.

Enough said.

[Ian David]

1. The Dow Jones Industrial Average is up 6,000% since Rupert Murdoc bought Dow Jones!

No, not really.

Not yet, anyway.

[ProSense]

2. Am I missing something? n/t

[ProSense]

3. Just sum it up.

Social Security nest egg:

Under Bush's scheme -- down 14 percent

Reality -- up 12 percent

[Cha]

4. Yay...we will have our Social Security..this is not something

the repukes can steal for Wall Street like they were so delusional that they thought they could.

There are silver linings to all this shit.

[ProSense]

5. Obama just put out an ad

Yay!

[ProSense]

6. Oops

link