Tom Udall: “there are three good reasons we should reject the recent recommendations of the Social Security commission, this…”

“there are three good reasons we should reject the recent recommendations of the Social Security commission, this commission that has said that we should move in the direction of privatizing Social Security. The first is the commission was stacked with individuals who had a preconceived notion of the outcome. Second, the commission recommends private accounts but does not take into consideration the cost. Many observers believe converting Social Security to private accounts would cost $1 trillion. Where is that money to come from? Out of Social Security, of course. And finally, private accounts invested in the market are risky investments. We only need to look at our recent downturn to see how risky these investments are. Are we going to throw people out on the streets in their golden years because they have lost their retirements in the market? I certainly hope not.”