Cafferty Gets it Right

C&L has video up of Jack Cafferty putting the recent Wall Street developments in the context of what Bush tried to do, and what John McCain wants to do to Social Security.

Frankly, I’m a little shocked that this hasn’t gotten more attention, but I chock that up to the fact that things have been happening at such a rapid pace that I’m sure some necessary connections aren’t being made.

The skinny of it is simple; Bush wanted to privatize Social Security so that your social safety net would be tied up in the stock market.  John McCain still wants to do this (though, I expect he’ll flip flop on this one as well if this argument gets beyond the blogosphere).  If Bush and McCain had their way, there would be a whole lot of people whose Social Security accounts would be, in a word, fucked.

I want to hone in on this point; my wife lost ten thousand dollars from her 401K this year, and John McCain wants to turn your Social Security into a 401K clone.  But if he does this, and he maintains his philosophy on the market, well, I would start getting used to the idea of post-retirement employment.  You’re going to need it.

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