Two videos for your edification. One in which Chris Matthews takes Congressman Eric Kantor (R) to the woodshed, and one in which ABC exposes McCain’s hypocrisy on economic issues.
I’m posting them just for fun, but also to point out that in both, these Republicans argue about the fact that they are trying to save people’s retirement. Yet McCain has espoused exactly the type of Social Security Privatization that Bush was pushing. I can’t speak to Kantor’s position on that, but since Republicans are pretty robotic on this issue, it’s probably fair to say that he would support it if he could get away with it.
If we had such a system the events of recent days would not only have destroyed value in the average 401K, which at the moment is supplemental to Social Security, it would have destroyed value in the typical “social security” account as well. In fact, the typical account, if we assume it performed as well as the market as a whole, would have increased in value not at all between the day Bush entered office and today. Well, take that back. Accounting for inflation, the 21 point rise in the past 8 years probably represents a loss. (See here and here).
Herewith the videos. Enjoy Matthews skewering Kantor:
[youtube]http://www.youtube.com/watch?v=Ympnzk9_b8M[/youtube]
And ABC skewering McCain:
[youtube]http://www.youtube.com/watch?v=Ympnzk9_b8M[/youtube]
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