It’s the only plan they’ve got
But we live in hope that this, at least, will be fresh enough in everyone’s mind that the people will fight back:
Three years ago, if Bush had succeeded in creating private accounts, an American worker would have lost $26,000 on the market. As ThinkProgress’ Travis Waldron notes, millions of Americans who did have a private account like a 401(k) lost nearly everything in the crisis, and Social Security is the only source of retirement funds they have left. Thevolatility of market behavior in large industrialized economies like ours “illustrates the real potential for decades-long declines that could erode the value of a private retirement account invested in stocks.”
Three years ago, if Bush had succeeded in creating private accounts, an American worker would have lost $26,000 on the market.
People invest retirement savings in the stock market because they need their money to grow over time to make up for inflation and provide a little return. And while I realize that the new vogue in capitalism is absolute certainty in all things, the reality is that such growth entails risk and there is always a chance that you’re going to lose money in the markets. That’s why government backed Social Security is such an important part of everyone’s retirement, not just those who are too poor to save any money. It’s the backstop against bad luck and risks gone wrong.
These people want to take away that secure part of everyone’s retirement and put them at risk of losing everything when assholes on Wall Street decide they’ve got a great new way to scam people out of their money.