Privatizing Social Security to Inflate Stock Market Prices

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Contents Introduction Why it was regressive to fund Social Security as an autonomous system Financial engineering vs. industrial profits and employment Social Security, forced saving and Labor Capitalism What if the stock market does boom? Will that save Social Security? Introduction This would not seem to be an auspicious time to mount a campaign to privatize Social Security. The investors who placed their pension-plan accounts and other savings in the stock market in the 1990s have found much of their gain wiped out since the downturn began in late winter 2000. Throughout the world an aversion to losing one’s savings has been spreading. Last spring German citizens suffered such heavy losses gambling away their savings in 401(k)-type investment schemes that in addition to curtailing their investments, many are ...