Wednesday, March 30, 2005


The Bush Boondoggle

As part of the never ending Social Insecurity Tour, Georgieboy made a stop in Cedar Rapids, Iowa, today in order to confuse the shit out of a bunch of old Republicans.To do this, he brought out the full arsenal of half-truths, fuzzy math, and downright lies. Let's go to the transcript:
This is, of course, not true. People aren't actually "living longer years" but more people are surviving into their retirement years. With the advances in medicine and less hazardous work conditions, people aren't dying as young as they once did. This is a minor detail, but part of the whole Bush plan to deceive.
This is a blatant scare tactic implying that if he doesn't get his way your taxes are going to be raised through the roof. It's shameless. The truth is, a minor raise in the Social Security tax cap could solve a lot of the problems he says the system is now facing. And the best part is that this minor raise in the cap wouldn't even effect most of the people currently paying taxes. The only people that would be affected would be those that are currently making over $90,000 a year.
Maybe I've missed it, but I have yet to see this "propaganda" claiming that seniors are going to have their benefits cut. The information I've seen refers to benefit cuts for younger workers. Another brazen attempt to scare senior citizens.
That explains why he spent all that time correcting Al Gore in the 2000 debates when Gore kept referring to the Social Security trust fund. NOT! The real reason there is no trust fund per say is because any extra social security money that there is/was gets absorbed into the budget and is spent as capital leaving Social Security with just enought to pay it's bills.
This is a half-truth at best. Both President Clinton and Senator Moynihan did indeed discuss private investment accounts but in a much different way than what Georgieboy is talking about. Clinton and Moynihan suggested private accounts in addition to social security, not in place of it. The Clinton/Moynihan plan wouldn't have diverted any money from social security the way Bush's plan would and there were no transition costs involved unlike the $2 trillion that would be necessary for Georgieboy's little ponzie scheme. President Clinton also suggested investing some of the excess social security money into the stock market, but the Republican controlled congress claimed that it would be too risky and shot it down.
If it doesn't fix it, why are we even talking about it? I thought Georgieboy was elected because he wasn't going to pass problems onto future generations. Whoops!
That's assuming that the average worker is making $35,000 per year over his or her lifetime. Still, that means an investment of $1400 per year for approximately 42 years and getting a steady rate of return of at least 3%. That's assuming an awful lot. What if a worker can't work for a while because of a disablity? What if the rate of return dips below 3%? None of these things are guaranteed.
WTF? What he's failing to say is that your benefits will only be augmented if your investments earn over what is expected. If they earn under the expectations, your benefits are not guaranteed.

I'm not sure how many more stops on he has left on this geriatric scare-fest, but it appears as if he's striking out mightily. According to Time magazine, his poll numbers are down to 31% approval/58% disapproval on social security while the latest Gallup Poll puts his overall approval rating at 45%. Way to go Georgiboy. Keep lying and I'm sure things will work out for you. Hell, it got you re-elected didn't it?

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