Tuesday, April 22, 2008


If Obama wins it I hope Robert Reich finds another cabinet position in an Obama administration. Here he is reminding us about "The Best Thing that Didn't Happen During The Bush Administration."

The best thing to have occurred during the Bush administration is something that did not happen. We did not privatize Social Security ... Had we done so, boomers facing retirement over the next few years would be even worse off than they are today. Now they’re struggling with pension plans worth less than they counted on, and home values that are tanking. At least they can rely on a monthly Social Security check.

But had we privatized, they’d be totally reliant on the stock market. And look what’s happened to the market: Compared to stock values ten years ago, the S&P 500 has risen a little over 1 percent a year, adjusted for inflation. Even Treasury bonds have done better. Go back nine years and there’s been no gain at all. Go back eight years and the market has been off an average of 1.4 percent a year ...
It's not a long post, so click on the link. If I can dig it up, I'll try and post what I wrote on Social Security for the Bakersfield Californian a few years back.

- Mark

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