The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Wall Street sets its sights on Social Security
– Again

Feb 4, 2008

The bond rating agency Moody’s has threatened to downgrade U.S. government bonds within a decade if it doesn’t reduce the cost of Social Security and Medicare.

That’s odd, to say the least. Social Security and Medicare both pay for themselves. They each carry surpluses, despite what Bush and Congress keep telling us. So if Moody’s is concerned about government debt, Social Security and Medicare should be the least of its worries.

This is the same agency that gave top “AAA” ratings to bonds backed by subprime mortgages – right before those mortgages collapsed, and those bonds lost their value. So clearly, truth does not enter into Moody’s equations.

Moody’s acts in the interest of the Wall Street brokers who hire them and pay their fees. Wall Street has been salivating over all that Social Security and Medicare money for years, and they were disappointed when Bush couldn’t successfully privatize Social Security a couple years ago.

Now, Moody’s is supplying the next crop of politicians with another excuse to “fix” Social Security and Medicare – by handing hundreds of billions of dollars over to Wall Street financial companies.