Scott Garrett's statements suggest that he would like to privatize Social Security on behalf of the special interests that fund his campaign, just like his leader, President Bush. I call upon Scott Garrett to state, once and for all, if he would like to hand Social Security over to Wall Street.
Pretty strongly worded, and it is an interesting point. However, there is no "suggest" regarding Garrett's previous statements and Social Security privatization: It's a firmly articulated belief.
Back in 2005, Garrett joined a number of his colleagues in signing this letter (still using the E.) urging the President to push private savings accounts. Here's what they stated:
As such, we urge you to continue to pursue a permanent solution that would allow workers to take a portion of their social security payroll tax and put it into personal accounts. These accounts would ensure a secure retirement for all Americans, while simultaneously increasing the rate of return for younger workers.
Although I'm not sure I count as a "younger worker" at this point, among my peers who I've talked to about our 401Ks, I'm the only one who is only down a single digit percentage over the last year. That's a big reason you don't hear a lot about private savings accounts or privatization these days. People have looked at their 401K and realized there is nothing secure about it.
Granted, Garrett may have also realized the systemic economic risk of millions of Americans relying on the private accounts and retiring during a down cycle in the market. However, I kind of doubt it.