Nelson criticizes Bush plan to privatize social security

WEST PALM BEACH, Fla. - Sen. Bill Nelson criticized President Bush's plan for privatizing Social Security and said he and other lawmakers were working to develop "a more moderate and sensible plan."

Nelson said Bush's plan would either cut benefits for retired Americans or require borrowing as much as $2 trillion, which he said would force greater dependence on foreign creditors. And he said the plan to establish private investment accounts would threaten the program's stability.

"By linking benefits to a volatile stock market, privatization shifts the risk to seniors and weakens Social Security's guaranteed safety net. In the wake of recent cases of corporate laundering, we all know too well the dangers of relying on stocks for retirement," Nelson told a crowd of more than 300 at a luncheon Monday for the Forum Club of the Palm Beaches.

Bush has made Social Security a top priority of his domestic legislative agenda for the year, and is expected to make it a focus of his State of the Union address before a joint session of Congress and a nationally televised audience on Wednesday night.

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http://www.jacksonville.com/tu-online/apnews/stories/013105/D87V9P4O0.shtml

retirees are a big voting block in Florida

it seems like he still accepts the premise that there is a problem that something 'must' be done about. And Foley(R) said:

"I would not vote for a privatization account that allows the individual to be able to micromanage their own accounts, subject to the vagaries of the market."

Sure buy and hold, don't sell just because it's gone down 50%, let us tell you what to do. Didn't work well in the crash of 2000 and won't now either. It's a poor strategy.

He should call it what it is. It is looting!

there was a thread a while ago with a WH rep chastising a reporter for saying "privatize." Apparently "privatize" polls badly (probably not as badly as looting, to be sure :-) ). Republicans are trying to get people to call them "personal accounts."

snip
"By linking benefits to a volatile stock market, privatization shifts the risk to seniors and weakens Social Security's guaranteed safety net. In the wake of recent cases of corporate laundering, we all know too well the dangers of relying on stocks for retirement," Nelson told a crowd of more than 300 at a luncheon Monday for the Forum Club of the Palm Beaches."

Factoring in the falling value of the US dollar and the volatility of the market makes privitization equivelant to gambling. A HUGE RISK not worth taking unless you REALLY know what you are doing. MOST average Americans do not know the market well enough to make smart stock investments, thus they are gambling their money away.

That defeats the entire purpose of this social program that should NOT be outsourced from the government to PRIVATE CORPORATIONS.

i heard him today say he supports ss CHANGES.....if the dems do not block ANY changes to SS they are fini!

I have called and written to Sen Nelson in referance to the Ohio, SOS, Gonzales and the SS and have gotten NOTHING!

My last letter to him I plainly told him that unless he grew a spine, me and family will not be supporting him.

The AARP is Nelson's BIGGEST constituency and they are opposed to privitization.

I really don't know enough about Nelson to make this call, does he have a history of backpeddling?

Long after everyone else had realized that they were a ruse to start the war.

;-)

Generally, he seems to focus on small, regional issues (i.e. FEMA spending in Miami-Dade county); otherwise, he'll usually vote along with the majority Senate Dems. Which, if you haven't noticed by now, includes more DINO's than Boxer/Feingold types.

He'll jump in front of an issue such as SS due to the electorate demographic in Florida. Otherwise, the "Condo Commandos" would have his head on a stake.

He is a fundie ringknocker.

I'm not doubting there may be redflags here to be aware of, but Nelson does have to pander to the AARP to stay elected. Not sure how far though.

He sends platitudinous bullshit that shows that he could care less and in fact disagrees with just about any view I've expressed to him.

I won't vote for again ever.