Dems rally against Social Security plan

[suffragette]

http://www.cnn.com/2005/ALLPOLITICS/02/03/dems.ss/

WASHINGTON (CNN) -- House and Senate Democrats rallied Thursday against President Bush's plan to revamp Social Security, to show they would not let it pass without a fight.

Forty-three of the 44 Democrat senators, plus Independent Sen. Jim Jeffords of Vermont, signed a letter to the president saying it was "immoral" to borrow more money to pay for the plan, even quoting from the New Testament to make their point.

"We are spending enough of our kids' money," the letter said. "Our country needs to get back to following the teachings of Romans 13:8, which says we should 'let no debt remain outstanding.' "

-snip-
"In our view, shifting financial obligations of this magnitude to future generations is immoral, unacceptable and unsustainable," the senators' letter said

[Lefty48197]

1. That would make a good freeway blog:

"let no debt remain outstanding"

[98geoduck]

2. They're against a Corporate Welfare Program? Maybe some do ...

actually have a conscience

[pnutchuck]

3. Love Boxer...

Nice crow platter she served up :kick:

snip:

Boxer also pointed out that Bush, as a congressional candidate in Texas 27 years ago, said that Social Security would be bankrupt by 1988 if it wasn't privatized.

And do the puke supporters find any problem with Bush's double talk? Don't answer that.....

[suffragette]

4. Boxer is great

She said that on NBC last night after the SOTU. She keeps standing up and I love it.

Anyone know what's up with the Dem who didn't sign?

"Sen. Ben Nelson of Nebraska was the sole Democrat not to sign the letter, although he has not indicated that he supports Bush's plan."

Didn't he also vote for Gonzales?

[BayCityProgressive]

6. H ebetter not vote for Bush's plan

If he thinks he can be re-elected by voting for this he will have another hting coming. The DLC is losing elections everywhere. I want to see 100% of Dems against this.

[mulethree]

8. 27 years ago

was 1978, and it was it much worse shape than it is today. It was running record deficits. 70's post-vietnam post-currency-float hyper-inflation/devaluation/recession and a bad COLA formula introduced in the mid seventies, had made a real big mess.

They fixed it then (Greenspan commission) by raising payroll taxes, staged increases in the retirement age, taxing benefits paid to higher-income retirees and reducing benefits.

It was in (projected) trouble again within 10 years, but the Clinton era economy took much of the pressures off.

But now we're back to expensive unnecessary wars, increased military spending, devaluing the dollar and deficit spending.

Social Security mainly benefits and is paid for by the working and lower middle classes. When that part of the economy has trouble, then Social Security problems show up.

Really, paying 12.3% for 45 years to get back 31% for 15 years, doesn't seem like a very sweet deal. Raising the tax, or reducing the benefit - either would make it seem a downright bad deal. It's already a bad deal if you've provided for enough other retirement income such that your SS Benefits get taxed.

I think the answer is to fund it from the most under-taxed element of our society - the Property. Corporate taxes are pathetic as are capital gains taxes and now dividend taxes. Basically subsidies to reduce risk (corporations) and promote risk-taking (stock and real estate speculation). I know capital is basically immortal and doesn't collect retirement benefits - but make it pay in as a social obligation.

[pnutchuck]

9. Are you an accountant?

or tax attorney? No sarcasm intended, just that you seem to have a real knowledge of the monies involved.

[mulethree]

11. no

I designed and built computer systems for an investment bank for 15 years. Accounting, trading, research, analysis and pricing systems.

If I put on my accountant hat - I find an error
I count the 12.3% as including the employer portion of the FICA tax
so I should include that in the benefits as well, so your benefits
are 29% of your payroll.

[pnutchuck]

13. Whoa there, numbers have never been my friend...

I still use my fingers :hippie:

[Megahurtz]

5. Kick,

turn up the volume!!!

[RUMMYisFROSTED]

7. Politicians invoking scripture (as argument) during session?

:scared:

[dusty64]

10. Looks like we

should all call this guy and build him a spine.
Ben Nelson
720 HART SENATE OFFICE BUILDING WASHINGTON DC 20510
[phone]
Web Form: bennelson.senate.gov/email.html

[dusty64]

15. I emailed.

Pressure may be the only thing that stops this......

[hippiechick]

12. 43 of 44 ? Who didn't sign ?

:shrug:

[gorbal]

14. Stop quoteing the bible at right wingers

You know they just keep the sticky pages open to Leviticus.