Don’t Believe Wall Street Hype About Social Security
28th March 2008
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Earlier this week, the Social Security Board of Trustees released the 65th annual report on the program’s financial status.
And on cue, the Bush administration and the Wall Street-knows-best crowd—now joined by Sen. John McCain (who acknowledges " economics is something I've never really understood as well as I should")—used the occasion to push for privatizing Social Security. You know, turning over seniors' retirement security to the stock market's financial wizards who supposedly will show a bit more fiduciary acumen than the folks who presided over Bear Stearns' crash and burn.