1.22.2005

Finally! A Coalition of the Willing...

Wait... Boeing in coalition that will help push for private accounts D'oh!!
SeattlePI.com (01.21)
With any policy, you have to ask: who profits? Well with the push to PRIVITIZE Social Security we don't even have to wait because the folks that will benefit are already stepping up to the plate:

A coalition representing such companies as The Boeing Co., Pfizer Inc. and Fidelity Investments will spend "significantly more" than $5 million to promote President Bush's plan for private Social Security accounts, the group's coordinator said yesterday.

The companies, concerned the government will otherwise raise the 12.4 percent payroll tax to plug a funding gap, plan a campaign of direct mail and television advertising across the nation to back Bush's proposal, said Derrick Max, coordinator of the Washington-based Coalition for the Modernization and Protection of America's Social Security (COMPASS).

"It's a very burdensome tax," said Max, who is also the executive director of the Alliance for Worker Retirement Security, a group of 40 businesses and associations founded by the National Association of Manufacturers, the Washington-based trade group. "If we don't reform Social Security, the tax will have to be increased or benefits cut." Employers split the payroll tax with their employees.
HAHAHAHA: a "burdensome tax"! Priceless since these corporations don't pay it: it comes out or your paycheck, and THEY'RE the ones cutting YOUR benefits. Also, it is a given that Corporations DO NOT pay their fair share and get HUGE entitlements from the federal government. Bastards.

No, what's really going on here is they want the money that Wall Street will receive from a PRIVITIZED Social Security system to be invested in their companies.

Conspiracy? Nope. The writing on the wall (no pun intended)
The lobbying may fuel criticism by Democratic opponents and others that Bush is putting seniors' retirement money at risk to benefit financial services firms that would manage stock and bond accounts.

John Sweeney, president of the Washington-based AFL–CIO, the biggest U.S. labor organization, called the securities industry's support for personal accounts a conflict of interest. Financial services companies may gain $39 billion to $279 billion in fees from managing the accounts, Sweeney said in letter Tuesday to Daniel Ludeman, chairman of the Washington-based Securities Industries Association and president and chief executive officer of Wachovia Securities LLC.

The association says it has been giving technical advice to the Bush administration as it draws up a private accounts plan.

"They're living up to the critics' allegations," said Roger Hickey, director of the New Century Alliance for Social Security, a coalition of 35 labor and civil rights groups. "Wall Street is pushing the dismantling of Social Security so they can get their hands on this investment money. It's very dumb of them to live up to the stereotype. It's bad public relations and bad public policy at the same time."
Read & think for yourself.

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