Jan 26 Obama Trying To Privatize Social Security - Suddenly Supports Bush Agenda?

I remember the screams of horror after the 2004 election, when Bush was going to spend his political capital to reform social security. His plan: to allow citizens to invest a fraction of their social security with holdings in the stock market. The left went nuts, the media wasted not one column inch deriding the plan, and the attempt failed.

What a difference an election makes.

Yesterday President Obama announced the results of his middle class task force. Let's take a look.

The President said the White House Middle Class task force, which includes members of his economic team and policy teams, had come up with a number of ideas to tackle those problems, including nearly doubling the child and dependent care tax credit for middle class families making under $85,000; caps on student loan repayments; requiring employers to offer IRA deductions; expanding tax credits to match retirement savings.

(emphasis mine)

Folks, that is privatizing social security. Social security is just forced savings, albeit with simply the government issuing a psuedo IOU.

What a grand idea of reform, encouraging people to invest in their own retirement. 5 years ago, these same people screamed bloody murder because Bush wanted to allow people to save their own money, rather then have the Government confiscate it with the promise of an IOU. They claimed that it would be too risky to let social security dollars enter the stock market, because if the markets collapsed, the money would be lost. Of course it was more about the government not getting its grubby mitts on those dollars.

But we all knew then, as we do now, that social security is a dead man walking. It is forecast to be insolvent (government speak for more people drawing money out then paying in) by 2017. Wow, that is just 7 years away now. Imagine if we had reformed it then, but wait, we're still not even talking about that, are we?

Now, I am not saying that people investing for their own retirement is a bad thing and I do support that notion in the plan. The key here is the hypocrisy. You'll still have to pay into social security, a ponzi scheme most of us won't ever get a chance to utilize. But, Obama is going to incentivize us to save into our own IRAs. Again, good idea because we all know they have written checks our money is no longer there to draw on. The money you and I have had confiscated, is already spent.

Let's try to point this out to the liberal intelligencia that killed social security reform last time. Obama wants to let us put our retirement money in the stock market. The same stock market that liberals, pundits, and the media had a conniption fit about just 5 years ago. The stock market that has resembled a roller coaster more then a financial trend of late.

Oh what a difference an election makes. I wonder if the radical left will be up in arms on this one.

Odd, Obama and Biden opposed Bush's plan. Huh, I wonder if now that the campaign chief is back in charge, if he'll revamp this page? (emphasis mine)

Barack Obama and Joe Biden's Plan

Protect Social Security

Obama and Biden are committed to ensuring Social Security is solvent and viable for the American people, now and in the future. Obama and Biden will be honest with the American people about the long-term solvency of Social Security and the ways we can address the shortfall. Obama and Biden will protect Social Security benefits for current and future beneficiaries alike. And they do not believe it is necessary or fair to hardworking seniors to raise the retirement age. Obama and Biden are strongly opposed to privatizing Social Security. As part of a bipartisan plan that would be phased in over many years, they will ask those making over $250,000 to contribute a bit more to Social Security to keep it sound.

Obama does not support uncapping the full payroll tax of 12.4 percent rate. Instead, he and Joe Biden are considering plans that would ask those making over $250,000 to pay in the range of 2 to 4 percent more in total (combined employer and employee).

Eventually, like Social security, the rich they plan to tax to pay for everything, will run out of money.

 

Don't be fooled folks. These new IRA matching tax credits have to be paid for by someone. And if you haven't noticed, the government is already out of our money.

 

Oh and would you look at that. In 1998, Joe Biden voted against something like this.

Crossposted at Residual Forces