Ralph Nader on Social Security

Social Security is solid; pending bankruptcy is nonsense

Nader urged Bush & Gore to stop trying to convince the puvblic that the retirement program is headed for bankruptcy. “The idea that Social Security is going to run out of money is simply nonsense,” Nader said. The program has an “extremely solid” base that will provide benefits until 2037, even under the “pessimistic” assumptions of a 1.7% average annual growth rate to estimate the projections, Nader said. He said that growth rate is about half the average over the last century.
Source: Boston Globe, “Campaign Notebook” Sep 20, 2000

Pensions controlled by people, not banks or insurers

Working people need a reasonable measure of control over how their pension monies are invested, rather than it being controlled by banks and insurance companies.
Source: The Concord Principles, An Agenda for a New Democracy, # 8 Feb 21, 2000

Social insurance is government at its noblest

Every discussion of Social Security should begin by recognizing that Social Security is a system of social insurance. It places government in one of its noblest roles: Provision of a bedrock guarantee to all members of society that you do not need to fear the financial consequences of growing old or disabled. It is government as it should work -- a coming together of society to ensure that we, as a community, take care of each other as we age or suffer from disabilities.
Source: Speech at “Saving Social Security” Conference Jan 21, 1999

Social Security privatization replaces certainty with risk

From the consumer or citizen perspective, one of the great benefits of social security is its very certainty. As one of its great assets, it offers systemic tranquility -- no matter what, people know that in old age or disability, they can count on the social security guarantee. As soon as the system is privatized in individual accounts, in whole or significant measure, the commonwealth would be perverted into a subsidy bonanza for brokers, who would take their 2-to-5% cut. Systemic tranquility would be replaced by an enforced anxiety.

By their very nature, market investments introduce risk into the equation. There is nothing inherently wrong with risk, of course. Risk and the returns on risky investments are an important motor in our economy. If people believe there is an upside to risk and are eager to invest in the stock market, in bonds, in hedge funds or otherwise, they are free to do so, directly or through IRAs, 401Ks and other tax-subsidized private retirement devices.

Source: Speech at “Saving Social Security” Conference Jan 21, 1999

Fears loss of retirement funds in privatized investments

Source: Speech at “Saving Social Security” Conference Jan 21, 1999

Other candidates on Social Security: Ralph Nader on other issues:
George W. Bush
Dick Cheney
Al Gore
Bill Clinton
Jesse Ventura
Ross Perot
Ralph Nader
Pat Buchanan
John McCain
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