Subject: The value of not trading security for poverty
Without Social Security some 40% of seniors would be poor. Some privatizers might isolate these seniors into a special group eligible for a safety net, instead of being part of the traditional Social Security system that guarantees benefits for almost all Americans. Isolating poor seniors into a special program would leave them vulnerable politically to losing benefits they need.
Why risk increasing the vulnerability of some of our most vulnerable people?
Some may believe that this risk is justified because we must do something to "save" Social Security. But the "need" to "save" Social Security is based on Social Security trustee economic projections that are extremely pessimistic. The trustees try to predict economic growth for 75 years, but admit they're more confident about shorter-range predictions. Yet even short-range they can be way off. In 1998 the economy (real Gross Domestic Product) grew 95% more than they predicted!
