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Wall Street’s Dream Is Privatizing Social Security & Medicare…But They’re Here to Stay!

On The Socialist Program, Richard Wolff discusses the historical context and importance of Social Security and Medicare as critical safety nets for the American working class, born out of the economic struggles of the Great Depression and subsequent leftist political pressure. He examines the repeated narrative by corporations and the wealthy that these programs are insolvent, attributing this claim to ideological opposition to government-run programs and a desire to privatize them for profit. Wolff emphasizes that solvency concerns are largely manufactured and that the true issue is the unfair cap on contributions from the wealthy, as well as exemptions on various types of income which disproportionately benefit the rich. He warns against privatization, highlighting the risks and instability it would pose to individuals' retirement funds, contrasting private investment with the current system that relies on the more stable government bonds. Lastly, Wolff criticizes the pandering to rich individuals and corporate interests that undermine public trust and the effectiveness of these essential public welfare programs.

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