We all know Paul Ryan wants to privatize Medicare, but fewer people know he wants to do the same thing to Social Security. Back in 2010, Ryan proposed a new program that would shift Social Security funds out of the coffers of government and into the hands of Wall Street – as well as reduce benefits and raise the retirement age. According to an analysis of Ryan’s plan by the Congressional Budget Office – Social Security payments would be, “more uncertain…because returns on stocks and corporations are risky.”
Had people like Paul Ryan succeeded in privatizing Social Security before the 2008 financial meltdown – Americans would have been in an even worse crisis with millions of seniors losing their retirement benefits in a plummeting Stock Market. It’s important to remember that yesterday marked the 77th anniversary of Social Security being signed into law by President Franklin Roosevelt. Thanks to this program, 20 million Americans are out of poverty. So the question is – why does Paul Ryan want to get rid of it?