The privatization of Social Security envisioned by George Bush's cronies will be a complete disaster. They of course have never actually released a plan, but my guess is it will be even more of a nightmare than the assumed plan which gets thrown about.
Here's Kerry's statement on Social Security:
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Senator John Kerry released the following statement today in response to reports that the president said he will “come out strong” for social security privatization should he be sworn in for a second term:
“Just yesterday, we found out that the president told his biggest and wealthiest donors about his big ‘January surprise.’ He’s going to ‘come out strong’ to fight for his plan to privatize Social Security. This might be a good surprise for the wealthy and well-connected, but it’s a disaster for America’s middle class. The president’s privatization plan for Social Security is another way of saying to our seniors that the promise of security will be broken.
“Once again, George Bush is out of touch. He just doesn’t get it. According to the bi-partisan Congressional Budget Office, his risky plan will force benefit cuts for seniors of up to 45 percent – that’s up to $500 a month less for food, clothing, and the occasional gift for a grandchild.
“Even the president’s own economic advisors say his plan will blow a $2 trillion hole in Social Security. And guess who will pay for it? You will. America's seniors are already facing higher prescription drug costs, record high Medicare premiums, and higher gas costs. With family budgets being stretched to the limit, the last thing seniors need is the president's ‘January surprise.’ That's a surprise we can all live without.
“When I am president, I won’t cut Social Security benefits, and I won’t raise the retirement age. I will restore fiscal responsibility so we can reduce the deficit and strengthen Social Security.”