Conason -- The Truth Hurts; Bu$h Used Windy Rhetoric

[Vitruvius]

and Outright Deception to Sell His Privatization Plan.

By Joe Conason

<SNIP> And best of all <Bu$h said>, the money in your account is yours, and the government can never take it away." That last sentence is an outright lie, according to information provided by the president's own advisors. <SNIP>

"You" will only be permitted a few selected funds for investment, in accounts administered by a government agency and run by private contractors. (Imagine the tsunami of campaign contributions from Wall Street bidders for those deals.) "You" may or may not earn enough, depending on economic conditions, to make up any benefit cuts imposed on the system by Bush. At retirement, "you" will be required by law to turn over the proceeds from those accounts to approved vendors of annuity accounts (priming still more Wall Street and insurance industry political contributions). "You" will not be able to will that annuity to your heirs, even if you happen to die long before you have used up its proceeds.

And there's one more important caveat that flatly contradicts the president's sunny promises. According to an unnamed senior presidential advisor who briefed reporters yesterday, "you" will have to surrender to the government any earnings in "your" personal account up to 3 percent, adjusted for inflation. <SNIP> The government would simply seize that sum from your account -- and pay whatever fees are due to the private fund administrator -- before turning the remainder over to "you" and your family.

That might not amount to very much, particularly after "you" buy that mandatory annuity. Estimates by the Social Security Administration and the Congressional Budget Office place the inflation-adjusted gains -- after paying off that initial government fine -- somewhere between 0.3 percent and 1.3 percent.

Don't forget to subtract the possible 40 percent cut in benefits that the Republicans mean to inflict on those of us under 55 years old, plus the debt service on the money borrowed to pay for the transition costs. If this plan is ever approved, "you," and I, and most Americans will be big losers.

More at http://www.salon.com/opinion/conason/2005/02/03/sotu/index.html

[kcwayne]

1. Why are we held hostage to the whims of dickhead politicians

on something so vitally important to our lives? Why isn't the ratification of a plan left of something this dramatic left to a popular vote, instead of being left to the hands of incompetent morons who are simply angling to slice a big piece of personal pie at our expense.

Democracy is a sham when the decisions are left to carpetbaggers. We need to amend the constitution to require a popular vote on any initiative that consumes more than 20% of the the federal budget, and certainly on the authority to go to ware.

[Voltaire]

2. In all seriousness

Refuse to be held hostage. We are working locally like the devil every way we know how to keep this from happening. Its going to be tough, but we will win this battle.

Sadly, we have no choice but to win.

[Vitruvius]

3. 'Voltaire' is so right. And best of all, by fighting & winning this one,

-- and thereby educating the public -- we'll lay the groundwork to beat every Rethugnican who votes for Bu$h's Social Security fraud.

Which is why so many Rethugs are upset & worried -- at some level, they sense Bu$h is overreaching.