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Tom Coburn is a Big Fat Jerk


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Home of the Barking Moonbat


 

Sunday, January 16, 2005

Repeat after me ...

There is no social security crisis --- but there s a crisis in the general fund.

But the disinformation campaign continues.

The official policy brief, analyzing the consequences of inaction, was written by Andrew G. Biggs, the associate commissioner of Social Security for retirement policy. Mr. Biggs, 37, joined President Bush in making the case for private accounts at a White House forum this week.

When he was an analyst at the Cato Institute, Mr. Biggs championed private accounts, saying they "would pay substantially higher retirement benefits than the current Social Security program" because some payroll taxes could be invested in stocks and corporate bonds rather than in government securities.


And we all know the Cato Institute stands tall as an impartial, nonpartisan research institute.

Not.

2 Comments:

At 2:06 PM, Blogger Rob said...

I'm not a financial guru, but it seem that the way in which Social Security is set up means that there is a bit of a "goes in vs. goes out" problem when the number of people drawing benefits exceeds the number paying in (or at least comes really close to that number).

FactCheck put out an article on the ads both sides have run, and it made sense to me that something needs a bit of tweaking in the system. I for years thought that the money I paid in to Social Security was for me when I retired, but it's for those who are retired/drawing benefits now.

I don't think privatization is the right answer...not by a long shot. However, with years of surplus in the system, shouldn't it be OK for a good amount of time even when the payees catch up to the payers? Where did the extra money go?

Again, I'm not a money person...simple terms for me, please :)

 
At 2:14 PM, Blogger Cookie said...

I'm not a financial guru either (trust me!) except whee my own interests are concerned --- and even then, I'm a believe in KISS [keep it simple, stoopid!] economics. :=D

However, the issue is there really isn't an impending crisis. Yes, as you said, there's some tweaking that needs to be done, but there's time to do it. And in fact, for a govt program, SS has done really really well.

There's a link to a blog over on the right here - Brad DeLong --- start reading him because he actually knows what he's talking about (unlike me).

The problems with privatization as set out by BushCo are huge and numerous. I mean, at the very least, consider Enron and just how many pensions plans have been lost and how many people already have 401s and do nothing with them and etc etc?

Furthermore, consider the numbers Bush is putting out there to supposedly fix this --- say what? A few trillion?

Ask yourself why AARP is doing an about-face --- they supported Bush's prescription drug plan --- but they were conned, it was all smoke and mirrors --- and they now know Bush's intentions with all of this stuff are NOT for the general good. Which is why they're now fighting him tooth and nail.

My suspicions, beyond promoting the Neocon agenda, which is the same agenda that got us into Iraq, are that Bush needs the SS money to pay off his Iraq etc bills.

 

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