Bush plan for benefits poses risk, Harkin says
Of course that's what he says. It's what he always says.
Cedar Rapids, Ia. - Sen. Tom Harkin told a group of about 100 people Saturday afternoon that Social Security faces no immediate crisis, but millions of future retirees and disabled citizens face drastic benefit cuts if the Bush administration moves forward with its plan to privatize the 70-year-old federal program.
"Social Security is in danger," the Iowa Democrat said during a 90-minute forum at the Grant Wood Area Education Agency in Cedar Rapids. "It's not in danger of running out of money. . . . It's in danger of us privatizing it."
Harkin argued that Social Security will pay out 100 percent of benefits until at least 2041. He said the cost of privatizing the system would reach $4.9 trillion during the first 20 years, which would undermine Social Security by increasing the federal budget deficit.
"I oppose the private accounts because I realize you can't carve something out and have the same amount left," said Betty Kelly, 77, of Iowa City. "There's no way that private accounts would do anything for anyone that's not 25 or less."
Oh, honey, of course it won't do anything for anyone over 25. As it is, SS won't do anything for anyone currently 25 or less anyway. But let's panic the senior-citizens, shall we? Private accounts aren't FOR you, Betty. Nobody's threatening to take away your monthly check.
Volunteer firefighter Ben Rogers, 25, of Mount Vernon said average investors could face staggering losses in the stock market and possibly only stagnant growth compared to guaranteed benefits adjusted to inflation with Social Security.
"The president keeps saying he wants to help young workers like myself," Rogers said. "Young people like myself will be the first generation that not only have to pay for our private accounts but for my grandparents' benefits."
Ben, you're already paying for your grandparents' benefits. Wake up, doofus. I just love the phrase "guaranteed benefits adjusted to inflation with Social Security", don't you? As if I should be delighted and pleased with the single bean on my plate that the government so graciously offers me in return for my years in the job force having FICA take exorbitant amounts of $$ out of my check. I'm sorry; I just have no patience with idiots who ought to know better.
Harkin said Bush's privatization plan would allow individuals to invest two-thirds of their Social Security contribution, but those returns could not make up the benefit cuts and "would be subject to the whims of Wall Street."
"There's no guarantee in the stock market. At least Social Security is a guarantee," said Leta Wall, 83, a retiree from Cedar Rapids.
Harkin also spoke Saturday at forums in Davenport and Mason City. He plans to cover all of Iowa's 99 counties with his "Fix It, Don't Nix It" forums on Social Security.
"At least Social Security is a guarantee," she says. Maybe for you, honey, but then, I'm guessing that's all that matters to you. The rest of us are having to clean up the unbelievable mess your generation of politicians has left us, and we're not liking what we see. It's when people say idiotic things like that, I just want to run screaming from the room.
"Fix It, Don't Nix It" is actually humorous to me. For one thing, there's no proposal on the table to "nix" it (can't quite get the image of a box of head-lice shampoo out of my mind whenever I see that word anywhere). Would that there was! I could only dream of really, truly nixing it for good. It is patently unfair to take my money and pay it out to someone else. They might be truly deserving, but isn't that a judgement call that's mine to make? At any rate, it's still wrong to take one person's earnings and redistribute them to others without my knowledge or consent. And that's what this is. Social Security is a scam. Always has been, always will be.
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