August 20, 2010

USA: At 75, Social Security Isn't Aging Well, Feels Merrill Matthews

Merrill Matthews in FORBES, 
considered by many as voice of America's business leaders,  said August 18 that Government-run, defined-benefit plans are collapsing, and employers have the solution.

The Social Security program turned 75 on Aug. 14, and it's not aging well. President Obama used his weekly Saturday radio address to defend the financially challenged program against potential reforms.

"But some Republican leaders in Congress don't seem to have learned any lessons from the past few years. They're pushing to make privatizing Social Security a key part of their legislative agenda if they win a majority in Congress this fall. … That agenda is wrong for seniors, it's wrong for America, and I won't let it happen. Not while I'm president. I'll fight with everything I've got to stop those who would gamble your Social Security on Wall Street."

The president's point is that the market is risky, while government is safe. But the facts tell a different story.

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