Social Security

I haven't posted much on the Bush Social Security private accounts. Needless to say, this is another example of just how terrible he is as a president and how beholden he is to special interests.

The social security program is an insurance program, period. It is meant to be the safest, most rock solid part of your portfolio. President Bush wants to privatize social security, basically. The only guaranteed part of the President's plan is that Wall Street firms, the JPMorgan Chase's of the world and others, will reap billions in management fees over the next few decades.

Thankfully, even Republicans understand the nutiness of this idea and are running scared and finally Bill Thomas, Republican from California, prickly, stubborn paleocon type, pretty much killed the President's plan. It was shaky enough as it was, but now its done because if Bill Thomas doesn't like, it ain't happening.

Because many others do a more eloquent job of spelling out the issues, I refrain from blogging about it. However, I do so today because I just inserted a BlogPac ad on the issue and wanted to explain why its there.