Saturday, November 01, 2008
Obama on Privatization of Social Security
"If Senator McCain is elected, we’ll have another president who wants to privatize part of your Social Security.If every American paying into Social Security was required, instead, to put pay the same amount into privately held retirement funds, we'd probably be better off. The private funds could be regulated and insured as with FDIC bank accounts.
That ain't right," Obama said. "Can you imagine? If Social Security funds had been invested in the stock market, Americans wouldn't even need Social Security!
Despite the recent stock market losses, if all the money I have paid into SS over the last 40 years went into a well managed fund, I'd be better off. Of course, if all that money was in private hands, politicians wouldn't be able to get their hands on it to make up of budget shortfalls elsewhere.
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