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Message: <blockquote data-quote="bacha29" data-source="post: 3312287" data-attributes="member: 58386"><p>Bush wanted to privatize Social Security. Ok, but that was until it was pointed out that banks didn't want to manage small savings accounts designed as replacements for Social Security without huge management fees which would eat away a huge percentage of the value of those accounts. Furthermore not long afterward we had the worst recession in 80 years which wiped out billions in retirement savings, depressing home values driving many into foreclosure which Munuchin and Ross bought up many for pennies on the dollar. The recession in turned contributed mightily to the fact that boomer's today have an average of just $62,900 in retirement savings which would pay for about a year's worth of residency in a nursing home. Perhaps this may explain why you don't hear much anymore about privatizing Social Security.</p></blockquote><p></p>