Clinton 1/23/99 advocated addon payroll deduction with tax credit

[papau]

Clinton did not advocate reducing the amount of the payroll tax going to the Social Security Trust Funds. Seems NBC and Timm Russert and Pat Buccanan have forgotten (we would not want to say that these folks lie because of under the table - or above the table - checks going to GE).

http://clinton6.nara.gov/1999/01/1999-01-23-radio-address-on-saving-social-security-and-medicare.html

Office of the Press Secretary


For Immediate Release January 23, 1999
RADIO ADDRESS BY THE PRESIDENT
TO THE NATION

The Roosevelt Room

"Then I believe we should dedicate $500 billion of the surplus to give working families tax relief for retirement savings, by creating new Universal Savings Accounts -- USA accounts -- to help all Americans build a nest egg for their retirement.

Under my plan, families will receive a tax credit to contribute to their USA account, and an additional tax credit to match a portion of their savings, with a choice in how they invest the funds -- and more help for those who will have the hardest time saving.

Let me give you an example of how USA accounts could work. With the help of USA account tax credits, working people who save and invest wisely from the time they enter the work force until the time they retire could have more than $100,000 in their USA account, and a more secure retirement. That's the kind of tax relief America needs.

By providing this new tax credit for retirement savings, we can make it possible for all Americans to have a stake in the remarkable economic growth they have worked so hard to create.

Social Security first; then saving Medicare and giving tax relief to help all Americans save in the new USA accounts; investing in defense and education -- that's the right way to use America's surplus. If we squander the surplus, we'll waste a once-in-a-lifetime opportunity to build a stronger nation for our children and our grandchildren. Instead, let's work together to prepare our nation for the great challenges and opportunities of the 21st century. "

ADDON PRIVATE ACCOUNTS VIA VOLUNTARY ADDITIONAL PAYROLL TAX DEDUCTION THAT INVEST IN "DEFENSE AND EDUCATION" AND WHICH COST THE GOV $500 BILLION IN TAX CREDITS (AND/OR A SMALL MATCH AS IN MOST 401K ARRANGEMENTS).

AND SOCIAL SEC IS "SAVED" VIA HIGHER RETURNS ON ITS TRUST FUND VIA IT INVESTING PART OF ITS ASSETS IN EQUITIES - THE BETTER RETURNS ASSUMPTION MAKING THE TRUST FUND PROJECTION SHOW THAT THE TRUST FUND NEVER RUNS OUT OF FUNDS.

[illflem]

1. This should be posted at FR

Once the simpletons over there hear that privatization was Clinton's idea they will surely be against it.

[papau]

3. "privatization" WAS NOT CLINTON IDEA - but 401k accounts via addon

voluntary payroll deduction was Clinton Idea.

I doubt folks with the average IQ of a GOP voter can understand the difference.

BUT Lets hope that the folks in Washington are a little smarter - and that our media is a little more honest.

[The Backlash Cometh]

2. Where do I write to tell their superiors that they are incompetent

researchers and they should be fired!

[papau]

4. I am not certain the media cares about truth :-(

:-)

:toast:

:-)

But we can try to change the media back to being a truthful free press.

:-)