Tuesday, December 07, 2004

Worried About Privatizing Social Security?

Are you worried about privatizing Social Security? I am.

I have spent some time thinking in the past few months about the Bush administration's plan to privatize Social Security. Frankly, the whole thing has me concerned. I'm one of those hard working little people... single mother, small business owner, teenager to put through college (that's another subject to touch on here soon)...

Every time I hear about Bush's plan to privatize Social Security, I cringe. It ranks right up there with his tax cuts, that I never saw a dime of myself. You know the ones that were supposed to benefit folks like me.

Paul Krugman's latest column hits the nail on the head - "Inventing a Crisis".

Privatizing Social Security - replacing the current system, in whole or in part, with personal investment accounts - won't do anything to strengthen the system's finances. If anything, it will make things worse. Nonetheless, the politics of privatization depend crucially on convincing the public that the system is in imminent danger of collapse, that we must destroy Social Security in order to save it.



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