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.
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?