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Friday, March 04, 2005

False Attacks Over "Windfalls" to Wall Street

More verification of the False Information propogated by opponents of Social Security reform.

(Of course, none of this address the basic moral issues of the government running a Ponzi scheme.)

False Attacks Over "Windfalls" to Wall Street: "Summary

New information turned up by 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."