GOP wins may put Social Security checks of Hernando Co retirees at risk - Tampa Bay Hernando County Political Buzz | Examiner.com

Image via Wikipediaby MaryAnn Tobin

GOP and Tea Party candidates are promoting the privatization of Social Security. If they win control of Congress in the next election and succeed in giving the government program to Wall Street, retirees in Hernando County, Florida, as well as all Americans, may be putting their Social Security benefits at risk.

Right now, administrative costs on Social Security are only .09 cents on the dollar. However, if Wall Street wins a takeover of the program, commissions and administrative fees will rise to 5%. That means less money for retirees and more money for Wall Street stockholders. Privatization means private corporation profits, once the government run non-profit status is gone. Fluctuations in the stock market can mean big losses for retirees as well.
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