Republicans want you to believe that Social Security is "broke" and "a fraud." Nothing could be farther from the truth.
The Big Lie | this small planet
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RHM, spot on, as usual.
Who else do we know that kept repeating BS to convince us that it was the truth so we would go to war in the Middle East 10 years ago?
Oh yeah, that Dick, Cheney.
Republicans want "the Galveston Plan" (which is nothing more than a 401K type "privatized" retirement account that ONLY PAYS FOR 20 YEARS, unlike SS, which pays for LIFE.
The Galveston Plan also weights the payouts to the highest earners - the top wage earners. SS, however,
weights pay-outs to the middle and lowest earners (IOW, there is a higher % return on monies paid in for those in the middle and low incomes, with a smaller % of payout going to the high income earners.)
SS has built in formulas for keeping up with inflation (COLA cost of living adjustment). The Galveston Plan does not. If inflation is high for very long - there goes the value of your retirement program. If the stock market tanks, recovers a little, then tanks again, recovers a little, tanks again (an not unlikely scenario considering no one is remotely considering re instituting really strong bank and market regulation (Glass-Stengall) - good luck even having much of any retirement!
They will continue to say SS is "broke", is a "ponzi scheme", is a "failure" in the hopes they can dupe enough people into allowing them to privatize SS in order for them and their co-horts to make huge amounts of money investing those retirement funds. In the world of republicans, repeating a lie time and again changes it into "fact" and "truth".