Scarborough just said he opposed social security privatization --BZZT! Wrong answer

dorkulon

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Thu Sep-18-08 07:39 AM
Original message

Scarborough just said he opposed social security privatization --BZZT! Wrong answer

Edited on Thu Sep-18-08 07:41 AM by dorkulon

Just saw it on Morning Joe, TiVo'd it. Here's a transcript:

Jesse Jackson, Jr: Can you imagine if the Congress of the United States, in its own political debates over the last couple of years, had allowed Social Security to be privatized, and the Lehman Bros. and Merrill Lynch had our Social Security Benefits? Can you imagine the devastating implications for senior citizens, in fact all Americans, if we had allowed that to happen?

Joe Scarborough: I know. You know, Mike Barnicle, the reason I was against privatization of social security was because I knew if people made their own investments, and they lost, then the government would have to come back and bail them out too.

Mike Barnicle: No doubt about it. No doubt about it.

That's not what it says here:

Create personal retirement accounts within Social Security.
Scarborough co-sponsored creating personal retirement accounts within Social Security

OFFICIAL CONGRESSIONAL SUMMARY:

* Amends Social Security Act to add a new tax-exempt "Personal Retirement Account Program".
* Designates a personal retirement account for each such individual that is funded by deposits from amounts in the Federal Old-Age and Survivors Insurance Trust Fund not otherwise required for immediate withdrawal, and by rollover and other contributions made by eligible individuals.
* Directs the SEC to report to Congress on personal retirement account reinsurance.
* Amends the tax code to provide for: (1) annual $300 contributions (tax credits) on behalf of each eligible individual to a personal retirement account; and (2) an excise tax on excess contributions to such accounts.

SPONSOR'S INTRODUCTORY STATEMENT: One of the things I have consistently heard from folks back home is the very simple idea that the first part of saving Social Security is making sure that Social Security taxes stay with Social Security. That is what this bill does because it takes the Social Security surplus, whatever that happens to be, and simply rebates it back to the people paying Social Security taxes, not to go out and fix up the car or buy a refrigerator with it, but instead to go into their own personal Social Security savings account that would be held by a fiduciary like the local bank.

The individual could not get their hands on the money until they turn 65, but they would get a monthly statement and for the first time, because of the private property rights that come with an account like that, for the first time have a firewall created between political forces in D.C. and their Social Security surplus.

LEGISLATIVE OUTCOME: Referred to the House Committee on Ways and Means; never called for a House vote.

Say it ain't so, Joe. What a fraudulent person.

edited for spelling/punctuation