Social Security Whispers

Jack Spratt Could Cut No Fat So Geezers will go lean?

“ John Spratt, Chairman of the House Budget Committee, was recently appointed by President Obama to the Debt Commission. I’ve been going through documents looking at his history regarding Social Security reform, and his involvement in “secret meetings” in 1997 authorized by Clinton Chief of Staff Erskine Bowles.  Bowles was at the time negotiating a deal between Clinton and Newt Gingrich that included  partial privatization of Social Security. Last week at the Pete Peterson confab,  Bill Clinton spoke openly about the secret agreement  he reached in 1997 with Newt Gingrich to take money out of Social Security and place it in private accounts — something Wall Street has been demanding in order to keep the bubble from bursting.  The deal was the subject of the 2008 Steven Gillon book The Pact: Bill Clinton, Newt Gingrich, and the Rivalry That Defined a Generation. According to Gillon, Clinton agreed to take the political heat for privatization, and the plan only fell through when the Monica Lewinsky affair exploded and Clinton was afraid to take the hit in the polls. ” This deal got very close to happening during uber private meetings.    Because all were assured that what was said in the room stayed in the room, they could put anything on the table, and know that any agreement would have Clinton's support.  Spratt subsequently fought against George Bush’s privatization efforts, and now ... “ Spratt has indicated that he’s open to cutting Social Security benefits as a way to balance the budget. [Full article] ” Label this .... Stuff I didn't know.     Cheryl Jones