Latest Social Security Proposal Creates GROW Accounts (sttill Private)

[rodeodance]

http://www.seniorjournal.com/NEWS/SocialSecurity/5-06-23GROWaccounts.htm

Latest Social Security Proposal Creates GROW Accounts

Called the McCrery-DeMint bill it would use surplus to fund private accounts

June 23, 2005 – Another Social Security reform proposal was announced yesterday under the marketing-oriented name of “GROW Accounts,” which the bill sponsors say stands for “Growing Real Ownership for Workers.” The uniqueness of this plan by four Republicans is that it has a new cut and this new name for the private investment accounts. They would take the Social Security surplus and dedicate it to GROW Accounts, “where it will be invested in no-risk, marketable Treasury securities.” The proposal was met with little enthusiasm by think-tanks or Democrats.



In a news conference billed as the announcement of a proposal “for protecting the Social Security surplus,” Jim McCrery (R-LA), Chairman of the Social Security Subcommittee of Ways and Means, took the lead in making the announcement. He was joined by Social Security Subcommittee Chairman Clay Shaw (R-FL), Rep. Sam Johnson (R-TX) and Rep. Paul Ryan (R-WI).


.....House Democratic Leader Nancy Pelosi released a statement saying the Republican proposal is “just the same risky privatization scheme in different packaging. It still includes huge benefit cuts to the middle class, massive debt, and a weaker Social Security program - ideas that the American people have already rejected..........

[aden_nak]

1. "If we change the name of it, it's a different idea."

[merwin]

2. i would just call them POVERTY accounts

because that's the state you'll be in after they implement it

[radwriter0555]

3. So there's a SURPLUS, but it's running out of money?

That's that GOP math, right?

[habitual]

4. Yes, Private Accounts aren't working, what should we do President

President: What went wrong? I toured so many states, and still no support.. DAMN. Well, since i couldn't sell them on it with my charm and wit, i suppose we'll have to resort to our usual tactics: Lie and sneak... hmmm this time let's just change the name to GROW accounts and i bet that will work. At least the term GROW account has no bad associations yet, so people will have to be convinced to dislike them. It's like we get to start all over on the sale!

[rodeodance]

5. it is a lie and sneak attach--he wants private accoutns and will do any-

thing to get his way. like he does in other issues. simple as that.

[bettyellen]

6. protecting the surplus? how about georgie payback what he borrowed.....

nah, this way he can just blame the market, right?

[drm604]

7. "no-risk, marketable Treasury securities"

"...where it will be invested in no-risk, marketable Treasury securities."

You mean those worthless pieces of paper in that filing cabinet?

[DinahMoeHum]

8. It's called "Bait and Switch"

:grr:

[rodeodance]

10. yes!!!!!

[rodeodance]

9. Pelosi says this proposal is just a 'scheme in differnt packaging."--she

got this right.

[Iowa]

11. This is easier to attack than the original version...

1) He's spent months bashing the returns on treasury securities - now he's saying that's where the money should go.

2) He has been spreading alarm about a crisis - now he apparently thinks there is a huge surplus that isn't needed by the existing system. IOW, he thinks the system is actually over funded.

This is the mother of all flip-flops.

When he first started his phony road show I was concerned. But he has bungled it so badly that I'm beginning to think he's almost irrelevant. I'd be very surprised if this tactic gets him any traction; I'm guessing it will get even worse for the chimp. Once it becomes clear to him that he won't be able to steal the SS trust fund and give it to Wall Street buddies like Charles Schwab, he'll lose interest and be on to something else.