Ken Lay Would Love SS Privatization

From the Nation:

If you need more evidence that privatizing Social Security is a lousy idea, think back to the Enron scandal . Remember what we learned: Greedy Enron executives sold stock for millions while the company was still riding high and then gave themselves big bonuses as bankruptcy loomed. Meanwhile, they lied to employees and stockholders about the company's finances and then didn't allow workers to bail out of 401(k) retirement plans that held Enron stock. Thousands of people not only lost their jobs but their lifetime savings.

After Enron's collapse, the largest corporate bankruptcy in US history, you'd have to be pretty dense to fall for the Bush Administration's callous scheme to encourage workers to take risks with their pension and retirement benefits.

Bush and his cronies have worked hard to ignore the lessons of Enron--continuing to fight against serious regulation of corporate misbehaviour and abuses. Don't let them ignore Enron's lessons when it comes to replacing a successful government guaranteed program for a greed-ridden privatization scam.

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Two things to remember about this Social Security "debate:" first, there is no iminent crisis because Social Security is quite sound until 2042, and, even then, the system would not "collapse," and second, diverting money into private accounts is not only risky, but would also pay out less than retirees would get under the current system, even in 2042.

It's really all a big scam to help out Bush's rich contributors, or, as he says, "his base."

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