Hope everyone has a nice Easter this Sunday.
Congress will be back to work shortly afterwards. We cannot let the Terri situation distract us from the fight to save Social Security.
I do not trust anything the Bush Administration does or says because they play by their own Rules of Law. Even though we have been told that the Privatization of SS is dead in the water..well, the Dems have been wrong before and our lack of power is obvious.
This is a gentle reminder why we need to keep an eye on the Social Security ball. The below information are two good reminders why we can’t let Social Security get into the wrong hands.
This LINK gives a good explanation of Social Security Privatization.
This snippet is an important point to remember why messing with SS is not a good idea. Unless you can see into the future and know you won’t become disabled or die, you should be concerned with this:
Privatizing puts survivors and disability protection in jeopardy.
Privatization plans that involve diverting funds in the Social Security system to personal savings accounts would drastically cut survivors and disability benefits. Since privatization plans call for diverting as much as forty percent of payroll taxes to private investment accounts, survivor and disability protection levels would be cut to accommodate a smaller Social Security Trust Fund. This is a critical issue which has been largely ignored by proponents of privatization.
Today, workers who become disabled or die can rely on Social Security for a basic income for themselves and/or their families. This is true even for younger workers who have not had many years to pay into the system. But if Social Security were replaced with a private accounts plan, workers who face death or disability would be forced to rely primarily on their own investments for income. If they are young and have not had sufficient time to accumulate funds in their personal accounts, they could be putting their families in serious jeopardy.
Another reason to not want privatization is the Greed and Corruption Factors of those who might be given the opportunity to handle ‘your’ money.
Mar. 23, 2005 Mutual Fund Manager Putnam Pays $40 Million Fine to Settle SEC Enforcement Action
Mar. 23, 2005 Citigroup Pays $20 Million to Settle SEC Action Relating to Mutual Fund Sales Practices
Mar. 21, 2005 SEC Charges Time Warner with Fraud, Aiding and Abetting Frauds by Others, and Violating a Prior Cease-and-Desist Order; CFO, Controller, and Deputy Controller Charged with Causing Reporting Violations
See this link at the SEC for more violations SEC