Friday, December 10, 2004

I Know You Chickens Keep Disappearing, But Here's a Promising Report from your Head of Security, Mr. Fox

A new report says privatizing portions of Social Security would not be a windfall for big Wall Street firms. The report is by the Securities Industry Association -- which represents big Wall Street firms. So why would they lie?

They say it would only result in $39 billion to $279 billion over the next 75 years. That's still at least a couple billion more than the average American makes over the same lifetime.

Back in September, University of Chicago business school prof Austan Goolsbee predicted the total would be more like $940 billion or more -- amounting to the largest windfall in US financial history. (WashPost)

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