Jan 25, 2005
Marilyn Musgrave’s Social Security Gamble: Bet It All on Wall Street
Jan 25, 2005
Marilyn Musgrave's Social Security Gamble: Bet It All on Wall Street
Congresswoman Marilyn Musgrave (CO) apparently just doesn't think the President's plan to privatize Social Security is risky enough. Despite the fact that more Coloradoans are worried about their retirement security, Musgrave backs a proposal to gamble four times as much Social Security funding on Wall Street. Musgrave was one of only four of the 435 U.S. House Members to sponsor H.R. 3177, the "Social Security Savings Act of 2003."
According to the Washington Post, Musgrave's plan would make "dramatic" changes to Social Security, putting four times as much funding at risk in the stock market as President Bush has proposed. That could put up to three-quarters of Americans' Social Security taxes at risk in private accounts. President Bush has advocated allowing a cap of only a quarter of that amount. [Washington Post, 6/20/04]
"Marilyn Musgrave wants to replace Social Security's guaranteed retirement benefit with a guaranteed fee for Wall Street traders, " said DCCC Chair Rahm Emanuel (IL). "Coloradoans are more worried than ever about their retirement, but Musgrave's plan raises the stakes by putting three quarters of Social Security funds at risk on Wall Street."