Kerry: Bush plan on Social Security is a 'rip-off'

[BootinUp]

Says special interests would be big winners

The Associated Press
Updated: 11:15 a.m. ET Sept. 22, 2004

ORLANDO, Fla. - Democratic presidential candidate John Kerry on Wednesday called President Bush’s proposal to partially privatize Social Security “a rip-off” that would create a windfall for financial and investment companies but end up cutting benefits for senior citizens.

“The truth is, the only people who benefit from George Bush’s Social Security scheme are the special interests,” Kerry said in remarks prepared for a town-hall meeting in West Palm Beach, Fla., a battleground state rich in people keenly interested in the two pillars of retirement, Social Security and Medicare.



Kerry pointed to a study by Austan Goolsbee, a University of Chicago business professor, who studied a model that proposes workers set aside a small percentage of their pay in private accounts as a method to adjust Social Security to a rapidly graying population.

Goolsbee concluded that fees charged by financial companies could reap them hundreds of billions of dollars and eat 20 percent of the benefits in an account held by a worker making an average salary.


more:
http://www.msnbc.msn.com/id/6070958/

[chiburb]

1. BartCop always says "we gotta get us a bigger hammer"

Seems like Kerry is it!

Keep pounding on them John!

[The_Casual_Observer]

2. Kerry speaks the truth

Kerry can win this thing. Most people are going to depend on SS, even if they try to deny it, they know they are going to need some day.

[BootinUp]

3. kick

[flpoljunkie]

4. John Kerry will be a president who tell us the truth. He's starting now!

Way to go, JK! Lay it on the line! Tell the American people what is really going on in the Bush administration.

Expose Dubya's failed record as president, like the compliant corporate media failed to do in 2000, and seem destined to repeat in 2004.

[cthrumatrix]

5. stick it up awol's ass