The Plot Against Social Security: How the Bush Plan Is Endangering Our Financial Future

by Michael A. Hiltzik

Relentless and ominous, the drumbeat echoes across the land: Social Security is on the verge of bankruptcy. The warning has been repeated so often that it has become a dismal article of faith for the... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 006083465X
• ISBN13: 9780060834654
• Release Date: May 2005
• Publisher: Harper
• Length: 272 Pages
• Weight: 1.10 lbs.
• Dimensions: 1.0" x 6.3" x 9.2"

Customer Reviews

Very informational

Before reading this book, I had little more than rudimentary knowledge about Social Security. When I was done, I knew much more about it. This book is an excellent treatise on the subject. It runs down the history of Social Security, including the constant attacks it has faced throughout its existence, and debunks many of them, especially contemporary ones. Hiltzik methodically goes through the problems with the privatization side, as well as the many blatant conflicts of interest concerning its politics and the political agenda of it. He shows the contradictions of this as part of an "ownership society" and the likelihood that Americans being in charge of their investments would yield the returns that Bush and privatization supporters practically claim to be guaranteed (and the years we have to draw on from 401(k)s and IRAs as evidence). Never forgotten is that this is a social insurance program, and just about the last one that has survived years of whacks being taken at such programs that have put all the risks of everyday life more onto individuals. This is a solid book from an educational standpoint on the matter and is well-researched.

A Greater Theft than Enron

A well written book with a very well documented and critically presented argument against the current proposal to privatize Social Security. It was common sense for me and probably the majority of Americans (according to recent polls) who know firsthand how successful the Social Security program has been by giving our elders, widowed, orphened and injured a sustainable income. Almost all of my elders have relyed on this program as a base for retirement. This despite a massive propaganda blitz from President Bush, his well funded financial supporters and ideologically driven allies. Many good points but one that really stands out is that this whole scheme is an attempt to steal the many years of contributions we have put into this fund. In 1983 the contribution level to Social Security was increased to create a reserve capable of covering the retirement of the baby boom generation. Rather than put that money into a "lockbox" the politicians decided that they would borrow against it by issuing government bonds. That borrowed money has been used for many things...tax breaks for the wealthy being one of them. Now Mr. Bush is trying to say that these Bonds are worthless. On the contrary this is a debt owed to all future retirees and the government is obligated to pay (the US has never defaulted on our Bonds) and the payment of this debt will keep Social Security solvent. The reality is that President Bush would not say US Bonds are worthless to the Chinese government who own a very significant amount of these very same bonds. Bottom line, President Bush in his zeal to promote his privatization plan honors the Chinese government more than the American people. I don't think this is intentional, I respect George W. Bush's patrotism but quite possibly he is being mislead by the idealogically driven think tanks cited in this book.

The Plot Against Social Security

I recommend this book as required reading to every member of Congress. The author explains the history of Social Security from it's beginnings through today. I can't believe that anyone who reads this book will still be in favor of private accounts. I didn't find it partisan because it has plenty of criticism of President Clinton and other Democrats to go along with the criticism of Republicans and others. I'm not a financial wizard and I'm glad I read this and can now really understand Social Security as a 'social' program that belongs to everyone. Private accounts just don't fit into the equation. I would highly recommend this book and I would buy more books by Michael Hitzlik.

A Valuable Dose of Truth in a Thoroughly Dishonest Debate

According to the non-partisan Congressional Budget Office, Social Security can pay every penny of scheduled benefits until 2052, with no changes whatsoever. It will always be able to pay a higher benefit (adjusted for inflation) than what current retirees receive. The size of its shortfall over the program's 75-year planning horizon is less than 40 percent of the size of of the increase in annual defense spending since 2000, and only one-fifth as large as President Bush's tax cut. Every economist and policy analyst who works on Social Security knows these facts. If the rest of nation knew them as well, no one would be talking about Social Security. Instead we would talking soaring drug costs and health care costs and other real threats to the country's well-being. But the politicians and pundits have created a scare about the future of Social Security in order to advance their agenda of privatization and/or cuts in the nation's most important social program. This book helps set the record straight. It deserves a wide audience -- every member of Congress and columnist/editorial writer should be forced to read it.

Indispensable Guide to the Privatization Scam

This is the one book to read if, like most people, you're confused and worried by the plans to "reform" Social Security. I heard the author on the radio clearly and firmly debunking the anti-Social Security lobby, and immediately had to read his book. He guides the reader through the swamps of claims and counterclaims with clear, simple prose--but he doesn't speak down to you or "dumb down" the argument. He shows where the risks are in replacing Social Security with market-based private accounts, and even explains who is really behind this campaign and why. Everyone who's future is tied in with destiny of Social Security--and isn't that every working person?--should read this book.