Privatizing Social Security

With the extreme volatility and crises in Wall Street this past week, we should be talking about the fact that John McCain has been a strong advocate of at least a partial privatization of social security, just like his friend, George Bush.  From Eugene Robinson in the Washington Post on Friday:

Here’s something that really ought to grab everyone’s attention: McCain supports George W. Bush’s idea of channeling at least some Social Security funds into “personal accounts” that individuals would invest on Wall Street.
Some of that money would have been entrusted to firms such as Bear Stearns (failed), Lehman Brothers (failed) and Merrill Lynch (sold at a fire sale). Imagine what this crisis would be like if Americans’ Social Security benefits were evaporating along with their housing values and their 401(k) accounts.
Appearing Thursday on MSNBC’s ‘Morning Joe,’ Rep. Jesse Jackson, Jr., surrogate for the Obama campaign, asked some fundamental questions on the issue:
Can you imagine if the Congress of the United States over the last couple of years…had allowed Social Security to be privatized and Lehman Brothers and Merrill Lynch had our Social Security benefits? Can you imagine the devastating implications for senior citizens, in fact, all Americans, if we’d allowed that to happen?
Indeed.  Let’s take a look at the legisation that has been introduced in this session Congress on this issue:
H.R.1090 (Last major action:  3/13/2007:  Referred to House Subcommittee on Social Security)
Title: Social Security Guarantee Plus Act of 2007
Sponsor: Rep. Ron Lewis [R-KY-2]
Introduced: 2/15/2007
Co-sponsors: 3
Rep. Roscoe G. Bartlett [R-MD-6]
Rep. John Abney Culberson [R-TX-7]
Rep. Jerry Weller [R-IL-11]
 
H.R.2002 (Last major action: 4/25/2007: Referred to House Subcommittee on Social Security)
Title: Individual Social Security Investment Program Act of 2007
Sponsor: Rep. Johnson, Sam [R-TX-3]
Introduced: 4/23/2007
Cosponsors: (none)
H.R.4181 (Last major action: 2/5/2008: Referred to House Subcommittee on Health, Employment, Labor, and Pensions)
Title: Securing Medicare and Retirement for Tomorrow Act of 2007
Sponsor: Rep. Flake, Jeff [R-AZ-6]
Introduced: 11/14/2007
Cosponsors: 7
Rep. Paul C. Broun [R-GA-10]
Rep. Tom Feeney [R-FL-24]
Rep. Luis G. Fortuno [R-PR]
Rep. Virginia Foxx [R-NC-5]
Rep. Trent Franks [R-AZ-2]
Rep. Darrell E. Issa [R-CA-49]
Rep. Sheila Jackson-Lee [D-TX-18]
 
H.R.6110 (Last major action: 5/21/2008: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and Labor, Rules, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.)
Title: Roadmap for America’s Future Act of 2008
Sponsor: Rep. Paul Ryan [R-WI-1]
Introduced: 5/21/2008
Cosponsors: 8
Rep. Roscoe G. Bartlett [R-MD-6]
Rep. Marsha Blackburn [R-TN-7]
Rep. Michael C. Burgess [R-TX-26]
Rep. John Campbell [R-CA-48]
Rep. Jeb Hensarling [R-TX-5]
Rep. Sue Wilkins Myrick [R-NC-9]
Rep. Devin Nunes [R-CA-21]
Rep. Tom Price [R-GA-6]
As noted, all of these bills are still in committee.  If you have an opinion on this issue, and I certainly hope you do, especially after the events of this past week, please write your Representative and express it, mentioning the bills above. 
 

 

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Filed under John McCain, The Economy

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