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Politics Could Corrupt Private Accounts

President Bush likes to say private accounts would allow workers to control their own money. What he doesn’t say is Congress will have to pick the Wall Street firms to control the accounts, a process that could be corrupted by politics.

While retirees would lose benefits under Bush’s privatization plan, Wall Street firms would enjoy a $940 billion windfall over 75 years, according to a report this fall from Austan Goolsbee, an economics professor at the University of Chicago Graduate School of Business. Although the Securities Industry Association (SIA), a coalition of financial services companies, disputes Goolsbee’s findings, it still admits firms would reap as much as $279 billion over 75 years from fees.

Tell President Bush we won’t yield an inch in our fight to strengthen Social Security.


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