Right wing think tanks began to push the stupid idea of privatizing Social Security in the late 1990s which culminated in George W Bush’s failed attempt to privatize Social Security at the beginning of his second term.
Investors have just endured an absolutely terrible 10 years — a string of crashes, crises, financial scandals, recessions and collapsed bubbles.
According to Standard & Poor’s analyst Howard Silverblatt, it has actually been the worst decade for U.S. investors on record. When you look at total returns, including dividends, we’ve even done worse than the 1930s. Investors in the S&P 500 have lost about 10% this decade.
After you count inflation, investors have actually lost about 30%. That’s even behind the inflationary 1970s, when investors lost about 23% in real terms.
Imagine if he had succeeded.