Tuesday, February 01, 2005

FDR's grandson writes in the Boston Globe about the "outrage" of using FDR to sell Social Security privatization.

As a former Wall Street lawyer, my grandfather fully supported the opportunity of every American to have fair investment opportunities. But Social Security was -- and is -- something different. It was -- and is -- the guaranteed basis of a secure retirement. The risk is that future retired Americans will lose that assurance if the guaranteed benefit is eliminated. Drastic changes that divert the payroll tax to privatization will almost certainly eliminate that guaranteed benefit by crippling the ability to pay benefits, imposing trillions of dollars of new costs on the government and creating massive federal debt. Privatization threatens to bring about the collapse of the entire Social Security system.

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