Cheney: Social Security Plan to Cost Trillions (washingtonpost.com)
Cheney: Social Security Plan to Cost Trillions (washingtonpost.com):
"Vice President Cheney acknowledged yesterday that the federal government would need to borrow trillions of dollars over the next few decades to cover the cost of the personal retirement accounts at the heart of President Bush's plan to restructure Social Security."
posted by grahamhgreen @ 2/06/2005 11:48:00 PM
1 comments
1 Comments:
Oddly enough, although Bush decries a supposed failure of the current Social Security system by 2040, his argument is full of holes and appears more self-serving than anything, an attempt to favor rule of the rich as usual. Nobody really knows what is going to be the state of Social Security in 35 years, but estimates indicate that the system will be able to pay out 75% of benefits by 2040, hardly a "failure." And if the government quit transferring funds out of Social Security, and instead categorized the funds as dedicated, no doubt there would be even less of a strain. More than anything, Bush's plan appears to be a ploy to create a boom for investors and what some have called vampires, parasites, scavengers, pirates, thieves, predators, et al. Call them what you will, they would like to stick their hands in the Social Security pie and take out a big slice of your retirement money for themselves, or maybe several slices. Or maybe most of the pie. Where's your retirement now? If you have money, you can open your own IRA--no one will stop you. The truth is, Social Security helps the poor, those who can't open IRA plans or have their own retirement program, more than anyone. You want a nation filled with the elderly homeless? It will only get worse if Social Security is done away with. Originally, Social Security was designed to help the average person, not the average billionaire. Bush's plan falls into the category of "if there not be bread, let them eat cake."
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