Diane over at Cab Drollery points us to a recent business section column in the LA Times written by Michael Hiltzgig that describes the ongoing crusade to “privatize” Social Security.
Like a zombie tromping through a Hollywood gorefest, the idea of privatizing Social Security still walks among us.Why do people rob banks? Because that’s where the money is.
The last promoter of the idea that people should personally invest their Social Security assets in the stock market was President George W. Bush, in 2001. With the dot-com crash still ringing in people’s memories, the idea died in 2005.
The market hasn’t yet recovered from its most recent crash, but the monster unaccountably is back on its feet. This time it comes dressed up as part of the “Roadmap for America’s Future” recently unfurled by Rep. Paul D. Ryan (R-Wis.), the ranking GOP member of the House Budget Committee.
The Roadmap is a retort to the charge that the Republican Party contributes no ideas to the national debate on fiscal issues, only “no” votes in Congress. It’s a road map to the dismantling of federal social programs under the guise of making them fiscally sound, while cutting taxes for the rich. (The plan eliminates taxes on capital gains, interest and dividends.)
Why does Wall Street want to privatize Social Security? You already know the answer.
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