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    The truth about social security 'privatization' By Vicky Davis for Portland IndyMedia
    This morning I realized what the emergency with social security privatization is all about. The email below describes it. Then the light bulb went on... George Bush torpedoed our economy on November 9th, 2001. 11-9 9-11 Coincidence? Not likely.

    On November 9th, 2001, George Bush torpedoed our economy when he signed the trade pact with Vajpayee of India. This trade agreement traded away our knowledge industries including biotechnology, pharmaceutical R & D, software, engineering, nanotechnology and defense.
    We've lost millions of jobs - the government doesn't even know how many. Just looking at Lou Dobbs' list of corporations that are outsourcing gives a clue.

    Every job that has been exported, took it's tax base with it. So not only did the middle class person lose the job, the government lost the tax contribution. If you look at the corporate profits for the last couple of years and the accompanying increases in CEO pay, you'll see that the CEO's have received staggering increases in pay due to their increased profits.

    The maximum that any one person pays into social security in any one year is 6,000. The millions of people who have lost jobs are no longer contributing or are contributing at a much lower rate if they were lucky enough to find a new job. The CEO that received millions of dollars in pay increases still only pays 6,000 per year.

    The 'privatization' of social security is a scam to cover for the losses to the social security fund that is due to outsourcing of jobs - and the tax base. It is a dishonest way to wipe out the obligation of social security. The 'private accounts' will be lost through manipulation of the approved funds and the young people who will have worked their entire lives will have no retirement income.


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