Spitzer critical of Bush SS plan - debt incurred would be "astronomical"

[cthrumatrix]

Spitzer critical of Bush SS plan
Spitzer says debt incurred would be "astronomical"

By Robert Schroeder, MarketWatch
Last Update: 4:01 PM ET Jan. 31, 2005


WASHINGTON (MarketWatch) - New York's outspoken Democratic attorney general criticized the Bush administration's plan to create private accounts for Social Security recipients on Monday, saying the proposal would cost the government huge sums of money.


Eliot Spitzer, a Democrat who is seeking the New York governor's mansion, also chided the Bush administration for promoting the Social Security plan when officials "failed to protect investors" from frauds in the investment banking and mutual fund industries.

Bush is pushing a controversial plan that would allow younger workers to divert part of their Social Security payroll taxes into private accounts.

The debt incurred by the federal government, Spitzer said, would be "simply astronomical." The government would in fact need to borrow as much as $2 trillion over the next decade to continue paying current benefits to retirees, Spitzer said.

Spitzer has made a national name for himself taking on wrongdoers in the financial services industry, and Monday's comments, made in a speech at the National Press Club here, align him squarely with other top Democrats who have criticized Bush's plan.


snip

http://cbs.marketwatch.com/news/print_story.asp?print=1...

[cthrumatrix]

1. can you imgaine Spitzer debating shrub on Soc Sec...?

[Dr Ron]

3. What difference would it make?

Sure, Spitzer would out debate Bush on the facts.

Just as Kerry out debated Bush. We saw how little difference that made. The sheep who follow him don't care about the facts.

[mhr]

5. Exactly - Bush Supporters = Cult Members!

Where's a good tub of Koolaid when you really need one?

[ck4829]

2. Go Spitzer!

[Beetwasher]

4. Spitzer Is Going To Be An Amazing Governor!!!

And he will win! I can't wait!