Why are people talking about a major crisis in Social Security?
It’s all bogus. There is no crisis in Social Security. The Bush Administration and their friends on Wall Street and in the right-wing think tanks are deliberately spreading lies in order to scare the public. A leaked memo written by a top aide to Karl Rove, Bush’s “political brain,” laid out a plan to convince the public that “the current system is heading for an iceberg.” In fact, future funding problems could be easily solved with one of several common-sense solutions. Repealing just a fraction of Bush’s tax giveaway to the richest 1% of Americans would cover the cost, for example. How would private accounts be different from the current system? Private accounts would have to be administered individually and tied to the stock market, whereas Social Security is a social insurance program that many people pay into and is guaranteed by the government. Private accounts cannot substitute for Social Security, because they are two entirely different systems. Would privatization offer more b
