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Tuesday, July 26, 2005PROTECTING SOCIAL SECURITY:A Windfall for Wall Street
This is a good article to show why there is a push for social security privatization by Bush & co.
Analysts have estimated that Wall Street firms would take in nearly one trillion dollars ($1,000,000,000,000) in profits from charging management fees that are significantly higher than Social Security's administrative cost (less than one percent). Moreover, the volatile nature of the stock market means that retirement savings and security would vary significantly from one worker to another.
With so much profit on the line, Wall Street and financial interests haven't sat quietly on the sidelines. Financial corporations have lavishly funded politicians, blanketed the Capitol with lobbyists and have paid millions to phony citizen organizations to run multi-million dollar television, radio and print advertising campaigns supporting or attacking candidates based on their pro-privatization record.Link