AFL-CIO on Bush Soc Sec plan: Wall Street Wins, Retirees Lose

[Bush_Eats_Beef]

Bush: Reform Social Security Now

http://www.foxnews.com/story/0,2933,141727,00.html

WASHINGTON — President Bush said Thursday that "now is the time to confront Social Security (search)" and vowed to send Congress "a tough budget" early next year to hold keep down federal spending. "You will see fiscal discipline exercised inside the Oval Office this coming budget cycle," the president told a White House economic conference during the second day of the two-day event. Ready to head into his second term in the White House, the president has made Social Security reform a cornerstone of his new agenda as his administration grapples with a projected $3.7 trillion, 75-year shortfall for the program.

Away from the conference, AFL-CIO (search ) President John Sweeney called Wall Street's support for partial privatization a conflict of interest and "a risky scheme for America, but a sure bet for the financial-services industry."

In a letter to the Securities Industry Association (search ), Sweeney asked the group to disavow Bush's proposed overhaul.

"Will the financial services industry behave as professionals with a duty to speak candidly to the investing public, or will elements of the industry once again seek to make money at the expense of their customers, only this time on a much grander scale?" Sweeney wrote.

AN EXCERPT FROM THE AFL-CIO WEB SITE:

http://www.aflcio.org/issuespolitics/socialsecurity/ns09292004.cfm

Wall Street firms would enjoy a whopping $940 billion windfall while retirees would see their benefits tumble, if President George W. Bush pushes through his plan to privatize Social Security, according to a new report.

“This would be by far the largest windfall for financial managers in American financial history,” says Austan Goolsbee, the economics professor at the University of Chicago Graduate School of Business, who wrote the report, The Fees of Private Accounts and the Impact of Social Security Privatization on Financial Managers.

[Erika]

1. Fascism rules under Bush

Bye bye America.

[anitar1]

2. Social Security

This makes my blood boil!! The audacity of these utter swine. Apoligies to swine. Perhaps they know that a large portion of the population will roll over with their paws in the air and wonder what the hell happened to them, later. I happen to be on Social Security and have e-mailed everyone I know for months about this. I have received exactly 2 responses from them. Have also worked for Kerry for the last year-via computer , as I am not able to take to the streets. The apathy is incrediable to me. My faith is in the younger generation.But I have always been considered odd amongst my generation because I have protested so much. I will never give up!! People never fail to amaze me. Glad I found DU.

[Bush_Eats_Beef]

3. And DU is glad to have you, anitar1.

:toast:

[InvisibleBallots]

4. kick!

http://unionshop.aflcio.org/shop/index.cfm