Sunday, January 30, 2005


Social Security, It's your money

One of the major battles our Democratic lawmakers are going to have to fight is over the Bush administration's plan to "reform" Social Security. Since the MSM has been hesitant to do so we must do our best to make sure the lies and deceptions are brought to the public's attention. The investment brokers have started their campaign and there is an example in the NYT this morning.
I have been paying into the Social Security system for over 50 years, paying in my money. Now we have investment brokers, who are the only ones who have anything to gain from privatization, saying "so what." In today's NYT one of those investment brokers, Steven Rattner, tells us that money really doesn't exist, it's just paper, an IOU.
That would have been less daunting had we saved the very substantial Social Security surpluses of the past two decades. Instead, we mostly spent them, particularly in the past four years, leaving behind a much-touted Social Security trust fund that is, in reality, a myth.

All that resides in the trust fund is a $1.5 trillion pile of IOUs from the federal government, obligations likely to be honored by increasing the national debt. In addition, according to the trustees, we would have to deposit an additional $3.7 trillion into the trust fund today to ensure solvency until 2078. Is that a crisis or just a problem?
I wonder how the Chinese, Japanese and Europeans who have been buying treasury bonds feel when they hear that their bonds are just myths, IOU's. Yes it's the same thing, that's my money that Bush has been giving away to his wealthy patrons while spending billions on a war that was wrong. There is a crisis all right, but it's not Social Security but the totally irresponsible policy of the George W. Bush administration. I'm sure that Mr. Rattner has pocketed some of my FICIA money in the last three years and now he not only doesn't want to pay it back he wants to get his hand even deeper into my pockets. I don't know about you, but I'm not going to let that happen.

Personally, I prefer to call Bush's "plan" (Actually, they're more like guidelines) piratizing Social Security.
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