Max Baucus: “this amendment is privatization of Social Security. This body rejected an amendment of this nature in 2006. We also…”

“this amendment is privatization of Social Security. This body rejected an amendment of this nature in 2006. We also voted last year and rejected it. The country rejected the privatization in 2005. This will increase insolvency of the Social Security trust fund, not help it. Despite what the Senator said, let me quote what it says: Providing participants with the benefits of savings and investment while permitting the prefunding . . . Essentially, this, as stated in the language, sets up private accounts for the benefits of investments and savings. We all know that the volatility of the stock market is not the best thing for seniors. This is privatization of Social Security. We have voted on this many times in the past. I urge the same vote today.”