Today, three new studies were released examining the impact of Republican Social Security privatization plans. All three reports find privatizing Social Security and turning it over to the whims of Wall Street, would cut Social Security benefits for seniors.
According to the Chief Actuary of Social Security in a report for Congressman Earl Pomeroy (D-ND), Chairman of the Ways & Means Social Security Subcommittee, Republican proposals—including those by Budget Committee Ranking Member Rep. Paul Ryan (R-WI) and House Republican Leader John Boehner (R-OH)—would result in Social Security benefits cuts ranging from 10% to as high as 50%, with workers losing nearly 30% of their Social Security benefits on average. Read the report»
No surprise there. The big winners will be Wall Street. And the baying masses of 'real murkins' AKA the Tea Party dutifully send donations, at the best of Glenn Beck, to the US Chamber of Commerce which already has untold millions to spend on advocating for very policy that will utterly screw them in their retirement.
Words fail me. I have never seen such rampant mass stupidity since Jim Jones got his followers to drink the Coo-Aid and commit mass suicide.