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Senator Bill Cassidy appeared on CNN’s State of the Union, where he accused Trump, Democrats, and Republican candidates of their failure to address the Social Security woes. But he provided a solution that, at best, is fraudulent as he is removing the security from Social Security as the plan calls for investments in the Stock Market via Wall Street.
Keep Social Security out of Wall Street and the Stock Market
The plan by Senator Bill Cassidy is to create a separate fund from Social Security, with no Social Security dollars used, to invest in the U.S. stock market. He argues this investment will cover 70% of Social Security’s shortfall, and claims bipartisan support, with seven Republicans and seven Democratic senators supporting the plan. He accuses President Biden of politicizing the issue instead of endorsing it.
This is nothing more than a ‘legal’ fraud. These investments could lead to negative results if the stock market falls. The plan would also artificially inflate stock prices, making the wealthy even richer since the majority of stocks are owned by a very small percentage of Americans.
A further concern is that brokers will make money regardless of whether the stock goes up or down. The government investing in the market will lead to market makers making a significant amount of money, while the general populace could be left with a reduced Social Security check.
There is a better way to secure Social Security through selling bonds or printing money, relying on the concept of sovereign currency and the idea that deficit doesn’t matter if there’s enough manufacturing and labor in the economy. Modern Monetary Theory (MMT) provides evidence that it works from the current economy. No one verbalizes it, but it is exactly what we did, Keynesian Economics on steroids and more. Our inflation was not caused by more money in the economy but rather by corporate greed and ineptitude.
Understanding economics is essential. We must stop believing in plans that mess with Social Security and invest in the market. We need to challenge economists clouded by ideology and corporate spin as opposed to reality. We are ready to discuss this issue and emphasize the importance of a progressive stance.
This is a critical analysis of a plan to invest in the stock market as a solution to Social Security’s problems. Understanding economics, again. is important. An economy does not need a casino, the stock market, to function. It’s a mechanism for making money off of money and rewarding those who work the least. I have no problem with those who want to make it a part of their personal economies. But it should play no part in public policy.
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