Wouldn't Now be a Great Time to Privatize Social Security?

[R. P. McMurphy]

I live in a VERY red state. Many people here don't seem to care about keeping the social security system solvent. It is common to hear a local bubba/bubbette say "I'm never gonna see any of that money anyway" and totally ignore the consequences of the loss of this program. Maybe they think that if the system is privatized that the ALL KNOWING, ALL POWERFUL, HOLY PROTECTOR MARKET will cure all economic ills and and we can all go live on the Big Rock Candy Mountain. Is it so difficult to understand that EVERYTHING shouldn't be privatized? Isn't this akin to putting all of your eggs into one basket?

Sorry for the rant but I get so discouraged sometimes.

[northsongs]

1. How would you feel...

if Bush had made good on his threat to privatize SS back in '04-'05? Right now, with the collapse of the banking industry, how many Americans would be losing not only their homes, but also their retirement plans?

[R. P. McMurphy]

4. Exactly n/t

[tpsbmam]

5. Many already are losing their retirement plans....

or seeing them shrink drastically. MANY pension plans, IRAs, etc are invested in the stock market. They may (or may not) have SS when they retire but whether or not they have their pensions is dependent on how well the stock market does. Some are part stock, part commodities (so if oil tanks.....well, you get the idea), part bonds, etc. But there is LOTS of pension money in the stock market.

[Tangerine LaBamba]

2. Wasn't McPOW big on privatizing SS?

Since he was never going to have to use it to live, I guess he could afford to stump for privatization.

The pigs are coming home to roost. Let's see what Obama does with this turn of events.

[MercutioATC]

3. Make sure to tell them that SS is fully solvent thru 2041...and that's a worst-case estimate.

Unless their lack of teeth has bestowed upon them the secret of eternal life, they WILL see that money...quite a bit of it.

[The_Casual_Observer]

6. Bubba & bubbette are counting on it. They say that aren't going to

to see the money because that's what they think is an ironic remark.

[Old and In the Way]

7. Bush knew this liquidity crisis was looming years ago.

His economic plan was based on letting the only sector still working, real estate, to keep humming. That required lots of suspect, high risk loans. They saw the day coming when this paper tiger would come to an end. That's why they wanted to get their hands on social security, to provide the liquidity to keep the lie going for a few more years. Would he have cared if middle/lower class Americans lost their safety net? Not a chance. We are the suckers in this ponzi scheme.

[Blue Meany]

8. But all that investment money from SS would stabilize the

banks, stop the mortgage meltdown, save the economy, and the profits would trickle down for eveyone. It would be a capitalist utopia.

I think the GOP may have a new slogan:

Privatize here!
Privatize now!

Yeah, that's the ticket.

[R. P. McMurphy]

9. n/t

B-)

[baldguy]

10. Buy low! Sell high! RIGHT NOW is perfect!

:sarcasm:

[adamuu]

11. Yes Good time to privitize Soc Sec and start raking in the dough.

Social Security only offers 2% APY...
2 PERCENT! That's lousy! Boooo!

Just think, if you had a private firm controlling your SS cushion, you could gain negative 70%
IN A SINGLE DAY

That's an awesome return!!!! Sign me up for that!

[alarimer]

12. It is a good time to point out how bad an idea that is.

What did the Dow lose today? 400 points? So many banks failing or being bought out.

I would use this argument against SS privatization: What if your SS money was managed by Lehman Brothers? You would have no money now.