Coming February 6, 2024 . . .
MURDER, POLITICS, AND THE END OF THE JAZZ AGE
by Michael Wolraich
Pre-order at Barnes & Noble / Amazon / Books-A-Million / Bookshop
Coming February 6, 2024 . . . MURDER, POLITICS, AND THE END OF THE JAZZ AGE by Michael Wolraich Pre-order at Barnes & Noble / Amazon / Books-A-Million / Bookshop |
Cutting Social Security is backdoor privatization — and a bonanza for Wall Street money managers. Cuts in promised Social Security benefits, whether from chained CPI, a higher retirement age, or means-testing, will force middle-class and working-class Americans to try to save even more money in the tax-favored private savings accounts like 401Ks so beloved by the Wall Street financiers who fund both Democrats and Republicans. Working Americans will be invited to do so, by means of tax incentives, or forced to do so, by means of compulsory savings mandates (a possibility opened up by Obamacare’s individual mandate forcing Americans to purchase private health insurance from for-profit companies). The result: enormous torrents of money from middle-class and working-class Americans would be steered into for-profit mutual funds, for-profit annuities, and other for-profit private retirement savings vehicles, from which the financial middlemen can skim off even more fees and bonuses. In the for-profit money management industry, the mere prospect of cuts in Social Security triggers the sweet sound of cash registers: Ka-ching, ka-ching, ka-ching.
Comments
The above is Michael Lind's first salvo promoting his and the New America Foundation's white paper proposing Expanded Social Security.
Now that's the way to negotiate. When asked for cuts; ask for raises instead!
by EmmaZahn on Wed, 04/03/2013 - 12:58pm