Friday, March 04, 2005

One overhyped evil in Bush's Social Security plan

I've read quite a few people saying that the Bush privatization plan would make rich stock brokers richer. After reading "The Bush/Wall Street/Social Security conspiracy unravels," I'm not sure I buy it (so to speak). The article describes a detail of the plan that "would mean only a limited profit potential for Wall Street." FactCheck.org concurs and has details. This is not to say the sharks will starve, but the retirement blood in the water isn't thick enough for concern.

Update: Think Progress says FackCheck.org Blows It. This says "The White House acknowledges that there are many differences between the TSP and the proposed accounts, and that Bush's system would be more expensive to run."

Update 2: FactCheck.org responds that, yes, the Bush system would be more expensive to run, but that extra expense is not paid to Wall Street but to Government employees who will administer the system.
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