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Position on Protecting Social Security: Steve Porter
for Congress -
Summary:
• Social security is a guaranteed income for
retirement.
• I support social security and those measure
which will protect it.
• Recent proposals aimed at abandoning the current
social security system in favor of private accounts
are fraught with danger. These proposals are being
put forward by legislators like my opponent, Phil
English who take huge sums of money from the financial
corporations of Wall Street.
Full Explanation:
"These
financial corporations stand to make untold profits
acting as the brokers for such private accounts. And
they will make that money whether or not the accounts
yield a retirement payoff. The recent corruption in
the finance industry and the recent theft of billions
of dollars of pension money by corporate executives
should be a warning to us all that private investment
carries with it no guarantees. That is why
I support social security and those measures which
will protect it for coming generations. There
is nothing now which prevents a citizen from investing
privately in his or her retirement.
The whole
point of social security is to guarantee a retirement
income. Should we
all become totally dependent on a private account
which yields negative growth at retirement, what would
the finance industry say to us? “Better luck next
time?” When it comes to retirement, there is no next
time, and that is why I support the preservation
and strengthening of social security, not its abandonment."
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