Bush Plan: Borrowing $1 Trillion for Social Security

[shuffnew]

W.House: Borrowing to Help Fund Social Security Plan
12-06-2004 15:07
By Adam Entous
WASHINGTON (Reuters) - The White House said on Monday for the first time that President Bush's plan to add personal retirement accounts to Social Security would be financed in part by new government borrowing that could top $1 trillion.

< For full text of article...>

http://cnn.netscape.cnn.com/news/story.jsp?idq=/ff/story/0002/20041206/1508815919.htm&PhotoID=20041206WASW402D&floc=NW_1-T

[ayeshahaqqiqa]

1. And Sen. Blanche Lincoln said NO WAY

In the AR Dem Gazette today, they talked about how the senior senator from Arkansas has said she wants to make sure taxes are kept progressive and that social security remain intact. For a woman I thought was a DINO, Blanche is showing she has the potential to become a strong progressive advocate for the little guy.

[pleiku52cab]

3. Am dense - what does DINO stand for

[ayeshahaqqiqa]

6. DINO means

"Democrat in name only". I said that because in the her last term, Blanche voted with the Repukes over 90% of the time.

BTW, RINO means "Republican in name only".

[rodeodance]

7. give Blanche credit for this==We are going to need friends

[benburch]

2. Investing borrowed money?

Can you say "1929"?

Sure, I knew you could!

[Ardee]

4. Transition costs of 1-2 Trillion

Man those are some kind of transition costs. In fact, you can keep my social security checks if I can get in on the transition.

[flordehinojos]

5. the goon thinks it is a game to play with OUR MONEY... I mean,

how often he has insisted on tax breakes for the rich because it is OUR MONEY... now, he is playing with OUR MONEY... and we don't want OUR MONEY to be played with...DOES THE MAN EVEN HAVE ANY SENSE OF BOUNDARIES?

[tridim]

8. "Tax and Fuck Conservative"

Describes Bush perfectly.

[whistle]

9. Will Bush borrow the $1 trillion from the Social Security Trust?

...This is probably his plan, Ponzi style.

[whistle]

10. Here are the U.S. Census population projections by age

Table 2a. Projected Population of the United States, by Age and Sex: 2000 to 2050
(In thousands except as indicated. As of July 1. Resident population.)
(leading dots indicate sub-parts)
Population By Age
.........2000 2010 2020 2030 2040 2050

..TOTAL.282,125 308,936 335,805 363,584 391,946 419,854
..0-4...19,218 21,426 22,932 24,272 26,299 28,080
..5-19..61,331 61,810 65,955 70,832 75,326 81,067
..20-44.104,075 104,444 108,632 114,747 121,659 130,897
..45-64.62,440 81,012 83,653 82,280 88,611 93,104

..65-84.30,794 34,120 47,363 61,850 64,640 65,844
..85+...4,267 6,123 7,269 9,603 15,409 20,861

<link> http://www.census.gov/ipc/www/usinterimproj/natprojtab02a.xls


Thus in 2010 there will be 40,243,000 retirement aged people eligable for Social Security drawing $800.00 per month in benefits. That is $386.4 billion a year. There will also be 150,000,000+ people working and paying into that fund $2575.00 per year of which employers pay half. So each working persons share would be $1288.00 per month. What is the big deal?

[stevebreeze]

11. Let's see if I got this right

Bush and the republicans say SS is in trouble because 38 years from now SS will have paid out every dollar it has taken in in taxes. T(This is exactly the same place SS was in in 1982.) So in order to "save SS" we need to borrow $1 trillion?

Lets see who will we borrow from? Poor and Middle class don't' have much money so we borrow from the rich. The rich have enough money to lead because Bush and friends gave the economic elites a giant tax cut. Wall street will get a cut of the new private accounts, so much so it is extremely unlikely that many people will end up with more from private accounts then the current system.

Who will pay it back? the poor schmucks who's SS will be massively cut, and the ordinary citizen who's dollar will be worth even less.

[wabeewoman]

12. And if we invested that trillion$

and added it to the social security fund, how much money would we have? This is just another plan for bush and his cronies to enrich themselves at someone else's expense. That has been their game the entire time. Follow the money....

[shuffnew]

14. And the Corporate Elite can...

not contribute at all... that coupled with the corporation's unlimited ability to ignore even current laws on sending our jobs overseas... wow another big boost to the corporate elite's pocket - ship all jobs overseas and not pay social security in on those that still have jobs in the U.S. either.

Another big whammy to the American worker.

[shuffnew]

13. Make posts on this subject on Home page URL below...

Apparently my post last nite was a dupe (sorry) and is now available on the Home Page for discussion. I posted a dupe link on the Home Page so those that wish to view comments on this dupe post may do so.
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=1049772#1051527