Social Security : A look back to August of 2001

[kentuck]

Read this article for an excellent perspective on how far we have fallen....
=======================================================================
http://archives.cnn.com/2001/ALLPOLITICS/08/28/budget/

<snip>
(CNN) -- This year's federal budget surplus has plunged to $153 billion because of the nation's economic doldrums and the Bush administration's tax cut, meaning the federal government will have to cover $9 billion of spending by dipping into Social Security, the nonpartisan Congressional Budget Office projected Tuesday.

The new estimate for the federal surplus is sharply lower -- off by 44 percent --- from the $275 billion figure the CBO was predicting just three months ago. The reduction means that President Bush and congressional lawmakers will be hard pressed to keep their pledge not to use Social Security funds for any other government spending, save for a planned, steady retirement of the government's outstanding debt.

The CBO projected Tuesday that, if current spending habits aren't changed, the Social Security surplus would be dipped into again in 2003, for $18 billion, and in 2004, for $3 billion. The congressional accounting office projects a return to overall budget surpluses large enough to spare the Social Security fund in later years.

For the 10-year period from 2002 to 2011, the CBO calculates the nation will have a total surplus of $3.4 trillion -- three-quarters of which would be made up of excess monies in the Social Security trust fund. That number, however, is $2.2 trillion less than was projected just last May, and the reason for most of that drop is the $1.35 trillion tax cut championed by President Bush.

....more

[indepat]

1. But GWB was soon handed his "trifecta": oh lucky us

[thecrow]

2. Another link: same subject type.... oh how far we have come!

http://archives.cnn.com/2001/ALLPOLITICS/08/21/bush.missouri/index.html