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It seems to me that this scenario is precisely what happened to retirees in the late 1920's and early 1930's, and that is PRECISELY why Social Security was implemented in the first place. This privatization push is being championed by those people who see all that good money that we pay into the government as a way to make millions for themselves. They want the right to "invest" your money so that they can make a cut for "portfolio management" while letting their friends and relatives speculate with your savings. And, of course, they are always good Republicans, party faithful always. I speak from experience, as I have lost plenty of money and paid obscene "commissions" trying to save for my retirement in my corporate-sanctioned "retirement fund". Here's an example: the company I worked for previously had a policy where one could not advance to management unless one purchased stock in the company. But, to purchase such stock, one had to purchase a minimum of 1000 shares, at $30 per share. If one did not have that kind of money to just throw around, a certain bank was available to lend you the money, at 9% interest, of course. And this was the ONLY bank available for this loan. JEEZUS what a sweetheart deal! Needless to say, I did not stay with the company, and left for greener pastures.
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