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| SOCIAL SECURITY DEBATE CONTINUES |
| Friday, March 04, 2005 |
| False Attacks Over "Windfalls" to Wall Street
Summary
New information turned up by FactCheck.org shows that the type of private Social Security accounts being proposed by President Bush would yield very little profit to the securities industry, contrary to persistent claims of a potentially huge "windfall" to Wall Street.
What we have discovered is that the model for Bush's accounts -- the Federal Thrift Savings Plan for federal workers -- actually paid securities firms a net total of only 16 cents for every $10,000 in workers accounts. The TSP had refused to make that information public -- until now. It shows that fees actually being paid to Wall Street are hundreds of times smaller than some critics had assumed.
For that reason and others we find that ads run in Louisiana by the liberal Democratic group Campaign for America's Future are grossly misleading. The group is accusing Republican Rep. James McCrery, who is chairman of the Social Security subcommittee and a supporter of Bush's private accounts, of "corruption" for accepting campaign donations from Wall Street, which it falsely claims will "profit most" from private accounts.
Click the link below for the full article:
http://www.factcheck.org/article310m.html
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posted by Jack Mercer @ 3/04/2005 07:44:00 AM   |
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| About Me |
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Name: Jack Mercer
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"Snipet" (pronounced: snipe - it) is not a word.It is a derivative of two words: "Snipe" and "Snippet".
Miriam Webster defines Snipe as: to aim a carping or snide attack, or: to shoot at exposed individuals (as of an enemy's forces) from a usually concealed point of vantage.
Miriam Webster defines Snippet as: : a small part, piece, or thing; especially : a brief quotable passage.
In short, "Snipets" are brief, snide shots at exposed situations from a concealed vantage point.
WARNING! With due reverence to the Bill of Rights and the First Amendment there is NO comment policy on the News Snipet.
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