Tuesday, February 08, 2005
Hello 
George W. Bush Plans to 'Save' Social Security By Decimating It.
The big 'fear lie' of Bush's first term was the claim of WMD's in Iraq and Saddam's involvement with the 9/11 attacks. The big 'fear lie' of his second term is that Social Security will be completely bankrupt by the year 2042. In fact, George W. Bush devoted his State of the Union speech trying to stampede the nation into a phony sense of crisis over Social Security. The truth is that it is not in trouble. According to the Congressional Budget Office, IF NOTHING IS DONE AT ALL, SOCIAL SECURITY WILL STILL BE ABLE TO PAY SENIORS IN 2042 MORE THAN IT DOES TODAY IN CONSTANT DOLLARS!! Bush's fabricated disaster is based on the need for minor adjustments to the system in order to maintain all promised benefits by 2042. And, merely lifting the cap on FICA taxes now at $90,000 would be such a minor adjustment that would do the job.
Bush's elaborate scheme for individuals to divert some of their Social Security taxes into insecure private investment accounts would not provide for any shortfall. In fact, it would cut benefits by 46% and necessary borrowing to start up the accounts would add $2 Trillion to Bush's already stratospheric federal deficit. So, what's behind this ad blitz for this boondoggle? First, the corporate cronies of George W. Bush would be a washed in stock market money. But more importantly, the scheme would massively drain funding for Social Security and truly bring it to its knees. Republicans have hated Social Security from its inception, and having gained control of the federal government and the press, they can now kill it.
George W. Bush Plans to 'Save' Social Security By Decimating It.
The big 'fear lie' of Bush's first term was the claim of WMD's in Iraq and Saddam's involvement with the 9/11 attacks. The big 'fear lie' of his second term is that Social Security will be completely bankrupt by the year 2042. In fact, George W. Bush devoted his State of the Union speech trying to stampede the nation into a phony sense of crisis over Social Security. The truth is that it is not in trouble. According to the Congressional Budget Office, IF NOTHING IS DONE AT ALL, SOCIAL SECURITY WILL STILL BE ABLE TO PAY SENIORS IN 2042 MORE THAN IT DOES TODAY IN CONSTANT DOLLARS!! Bush's fabricated disaster is based on the need for minor adjustments to the system in order to maintain all promised benefits by 2042. And, merely lifting the cap on FICA taxes now at $90,000 would be such a minor adjustment that would do the job.
Bush's elaborate scheme for individuals to divert some of their Social Security taxes into insecure private investment accounts would not provide for any shortfall. In fact, it would cut benefits by 46% and necessary borrowing to start up the accounts would add $2 Trillion to Bush's already stratospheric federal deficit. So, what's behind this ad blitz for this boondoggle? First, the corporate cronies of George W. Bush would be a washed in stock market money. But more importantly, the scheme would massively drain funding for Social Security and truly bring it to its knees. Republicans have hated Social Security from its inception, and having gained control of the federal government and the press, they can now kill it.
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