Why does John McCain want to put my Social Security money into a stock market that could go bust?

[another_random_poster]

With the recent events on Wall Street shedding light on the fragility of the stock market, why does John McCain continue to push for privatized social security?

[serenely, soMEone]

The presidency has no such power. Rest easy.

However, the Congress could do that. So, focus where focus is due.

...

[Louisiana Hot Boy]

Because he got the idea from Bush.

[Spike Wilbury]

Because John McCain is sooooo out of touch.....Bush wanted to do the same thing 4 years and THANK GOD he didn't (or couldn't!) or we'd all be scr*wed.

[JOHN C]

He doesn't want to. The republicans mearly want to give everyone a choice either keep it in the hands of the goverment or put it in a market of your choosing.

[magiscoder]

Reason #1: The extra money in the stock market would help the economy tremendously.

Reason #2: This will make your money make money. The stock market will not go bust. There are up and down times (this would be a down time). The down time is the best time to buy, but even if it continues to go down, it will eventually recover during your lifetime. Just take a look at a history of the DOW. There is a clear upward trend over the past few decades.

Reason #3: If Social Security remains public, it will go bankrupt. By privatizing it and allowing people to invest the money, it will grow, thus stopping, or at the very least delaying the bankruptcy of Social Security.

[one_guy_tx]

Because social security is going bust.

If you've noticed, the market has bounced back the last two days. If your money were invested wisely, you would have more money available for your retirement than you would through social security.

However, you would have to be willing to take care of yourself and make your own decisions rather than have the government take care of you and make your decisions for you.

[Vega]

Because he doesn't know any better.

[The Bush Twins]

They want to privatize every thing, its called fascism.

Your SS might go up, or it might go down. The Important part is that the brokerage banks and the traders make money.

[castlekeepr]

you are dangerously misinformed.

But most of the time, the stock market has a significantly better return than anything else.

You don't actually have any social security money. It is a Ponzi scheme. There is no money there.

Just another democratic scheme to trick fools into keeping them in power.