AP reports, Sen. Edward M. Kennedy, D-Mass., told ABC's "This Week" that Social Security individual accounts would be "a great threat to seniors" because it would raise interest rates. Teddy! Save yourself! Come up for air!
Does that make any sense to anyone that isn’t out to torpedo the President’s proposal simply because it’s the President’s proposal? How do interest rates affect a class of Americans who are overwhelmingly outside their barrowing years? Young people with growing families are generally the people who barrow money to finance homes, appliances, furniture, cars, college etc. This continues up to about age 45 when all of the major purchases have been made; the family has grown and the children begin to hopefully, start out on their own journeys. Grandma and Grandpa are not the ones barrowing money. They are the ones beginning to save it.
This is a red herring anyway. Every politician knows that no plan will be approved or signed by the President that affects current senior benefits. What’s next from the Libs, “Any reform of the Social Security system will be a grave threat to seniors’ ability to enjoy an evening out at Chuck E. Cheeses.”
NOTE: If you want to know what side of this issue someone is on, listen to how they describe the accounts. Libs will refer to the accounts as “private accounts”. As in, this is a private country club only rich Republicans can belong to. Right thinking people will refer to them as individual accounts. As in, it’s the individuals’ money and THEY OUGHT HAVE SOME SAY ABOUT WHERE IT GOES.
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