Iowa’s lone democrat congressman contends the G-O-P idea of privatizing Social Security has hit the skids because the stock market has tanked, and because the costs of the transition are too high. Congressman Leonard Boswell of Davis City spoke this morning on the statehouse steps. He says the case to privatize has become “very, very weak.”Kenneth Morrow of Diagonal is a member of the National Committee to Preserve Social Security and Medicare.Privatizing the system — letting younger Americans invest a portion of their Social Security taxes on their own — would be the “ruination” of Social Security according to Morrow.President Bush promised to privatize Social Security, but Lisa Davis-Cook of the Iowa Citizens Action Network says what’s happening with the stock market right now is evidence of why Social Security savings should not be placed in such a volatile investment.
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