Don’t Believe Wall Street Hype About Social Security

Don’t Believe Wall Street Hype About Social Security

by Mike Hall, Mar 28, 2008

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.

(Click here for more on McCain and Social Security privatization. On the Democratic side, Sens. Hillary Rodham Clinton (N.Y.) and Barack Obama (Ill.) oppose privatizing Social Security. Go to Working Families Vote 2008 to find out more about the candidates and the issues.)