Is plan about privatizing Social Security?

Published 1:30 am Monday, December 19, 2022

A recent letter to the editor made a logical case for risk investment to maintain solvency for the Social Security Trust Fund citing the ERISA legislation and the Pension Benefit Guarantee Corporation which (in principle) work to grow funds rather than stagnate and thus depreciate due to inflation.

Especially humorous was the phrase “Wall Street’s pragmatic side.” I can see the hedge fund and derivatives managers licking their chops with a mere doubling of investment capital into the financial markets.

Tell that to the people that lost pension funds due to President G.W. Bush’s policy of allowing corporations to balance their ledgers by “borrowing” from their pension obligations!

But wait! In a most timely fashion for this week: President Biden committed more than $30 billion to bail out — you guessed it — a major private pension security corporation. How heroic to to save peoples pensions with a taxpayer bailout!

Perhaps a more honest title for theletter would be “Social Security Privatization.”

It’s what mathematicians call a decreasing series, and instead of ending with zero it sends us to hell in a hand-basket!

More like a wolf in sheep clothing?

Andy Branca

Camano Island