Recent comments by Iowa Sen. Joni Ernst appear to show that she is still intent on quietly slashing U.S. Social Security, bringing to light her long record of stated intent to gut the program. Just this past month, Ernst was quoted stating she wanted to negotiate Social Security changes “behind closed doors.”
Previously, in video footage captured at Wesley Acres retirement home in Sept. 2014, Ernst was caught on record stating “yes, I have talked about privatizing Social Security as an option,” breaking a key campaign promise Ernst had made to protect Social Security.
According to a review by American Ledger, just a month later, in Oct. 2014, Ernst was quoted emphatically, and misleadingly, stating she would “fight to protect Social Security and Medicare for our seniors.” But if her plan to privatize Social Security sees fruition, millions of senior Americans could see their retirement funds in serious jeopardy.
Ernst’s call to privatize Social Security is estimated to generate profits upwards of $940 billion for Wall Street conglomerates at the expense of American seniors, who have likely been paying into the program their entire adult lives.
Privatizing Social Security directly places seniors’ retirement funds into investment accounts managed by Wall Street brokers and mutual funds. And if the market crashes, the nest egg of retirement funds American seniors have been paying into could be almost entirely annihilated, while Wall Street will continue reeling in profits.
AARP has previously stated that privatization of Social Security would eliminate the guarantee that Social Security provides and reduce benefits. Currently there are over 600,000 Social Security beneficiaries in Iowa.
Coincidentally, Ernst has taken $864,000 from Wall Street for her various campaigns for elected office. Critics are likely to argue this is the primary reason for her quiet attempts to privatize Social Security for senior Americans.