Everyone noticed the cuts in Social Security benefits and other social programs, but something new has come to light. An unpublicized privitization plan for Social Security was slipped into this budget as well ... And Bush plans to pay for it using $700 billion in Social Security tax revenues!
quote:Bush's Social Security Sleight of Hand
By Allan Sloan
The Washington Post Wednesday 08 February 2006
If you read enough numbers, you never know what you'll find. Take President Bush and private Social Security accounts.
Last year, even though Bush talked endlessly about the supposed joys of private accounts, he never proposed a specific plan to Congress and never put privatization costs in the budget. But this year, with no fanfare whatsoever, Bush stuck a big Social Security privatization plan in the federal budget proposal, which he sent to Congress on Monday.
His plan would let people set up private accounts starting in 2010 and would divert more than $700 billion of Social Security tax revenues to pay for them over the first seven years.
If this comes as a surprise to you, have no fear. You're not alone...
And they called Willie slick!
Posted by Irregardless (Member # 8529) on :
It's about time.
Posted by Silkie (Member # 8853) on :
quote:Originally posted by Irregardless: It's about time.
The British have a privitized Pension plan, and Economists say it is one of the worst ones that exists. The fees and administrative costs eat up a large percentage of the revenue generated. Stock brokers don't work for free.
Try reading this archived article for an economist's analysis of the REAL status of Social Security and what Privitization would do to YOUR retirement benefits.
Posted by Synesthesia (Member # 4774) on :
The more I read about these budget... What can be done? Seriously, this is a disaster waiting to happen. Tax cuts, increased defence spending, cuts to head start and Americorps and now this, enough is enough! Something has to be done to stop this.
Posted by Avatar300 (Member # 5108) on :
I agree. If we ended all government spending we wouldn't have to worry about these spending cuts anymore.
Posted by Lyrhawn (Member # 7039) on :
Nothing will be done. Democrats will howl, some Republicans will howl, but his budget will pass.
Things aren't going to change until the people vote these guys out of office. They have to be sent a message, beyond polling data.
Posted by Silkie (Member # 8853) on :
quote:Originally posted by Lyrhawn: Nothing will be done. Democrats will howl, some Republicans will howl, but his budget will pass.
Things aren't going to change until the people vote these guys out of office. They have to be sent a message, beyond polling data.
I agree.
News out today: Tom DeLay has been appointed to the House Appropriations Committee. I guess a felony indictment and other pending charges with the Abramoff/K Street group are not enough to keep him out of power.
Posted by Advent 115 (Member # 8914) on :
This thread is exactly why I am a Democrat. And Silkie, you have got to be kidding? He has been appointed for that after everything he has done?
Man I hate this administration. And it will be three more long years of it before we can vote in a new president.
But I have a querstion. Why would an administration do almost everything in its power to sabotage its own image? I mean the privatization has been proven many times over to be a bad idea. It won't help in fact it will make things worse than ever. So why would theis administration continue to try to put this idiot idea into action?
Posted by Lalo (Member # 3772) on :
The more I see of this, the surer I am I'm not going to live here once I graduate medical school. I have zero incentive to stay in a sinking ship -- I know the Republican party has a "starve the beast" philosophy, but is there even a method to their madness, or are they determined to force the US to default on its unbelievable debt?
Just. Good lord. Let the red states that voted this corrupt tool in pay for his mistakes.
Posted by Dan_raven (Member # 3383) on :
President Bush has trouble admiting defeat.
He put a lot of personal capital behind the Social Security revamp. He will get it through one way or another.