Ken Blackwell on SS in 1998....very interesting, may become a hot potato

[Riding this Donkey]

for him.


Social Security plan would build equity in more ways than one
Guest column by J. Kenneth Blackwell


In an American milestone for retirement, Senator Patrick Moynihan, the New York Democrat, recently introduced legislation that endorsed putting a portion of Americans' Social Security taxes into private investment accounts. It was the legislative equivalent of Nixon going to China: Moynihan's credentials as a champion of the retirement program are beyond question, and his endorsing privatization, to any degree, signals a sea change in the way America saves for retirement.

Recently, I participated in the National Summit on Retirement Savings, where 200 delegates appointed by Congress and the president met to discuss the direction of this change in thinking, along with other ideas concerning retirement financial security. A growing number of people believe Social Security won't be around when they are old enough to need it. If we don't reform it, they're right.

Some reforms would change the retirement age and benefits. But the best reform would change the way the whole system works. Currently, Social Security takes money from today's paychecks to fund today's Social Security checks. Instead, that money should fund per

sonal investment accounts, so a worker's wages today grow into that worker's (or that worker's family's) assets tomorrow.

About 80 percent of Americans pay more in payroll taxes - Social Security and Medicare - than they pay in income taxes. That's a lot of money going into a program expected to be bankrupt in about 14 years.

http://www.cincypost.com/opinion/1998/guest061598.html

PS posted b4 got it but got lost in the outage!

[papau]

1. lie by our media - or a lie by a GOPer? - no matter - it is a lie

lie by our media - or a lie by a GOPer? - no matter - it is a lie


Funny how Blackwell can not give the number of the Bill that he says Monyihan introduced and argued for (for the record the bill he lies about is S. 1792, Sponsored by Senators Moynihan and Kerrey, wherein
(Payments to PRAs, Administration of Accounts, and Effect on Payroll Taxes). Workers could voluntarily contribute 1 percent of income subject to the Social Security payroll tax to federally or privately administered PRAs. Each worker's employer would match the worker's contributions. Social Security payroll taxes paid by all workers and employers would be reduced through 2024 and increased thereafter, and (Withdrawals from PRAs and Effect on Social Security Benefits) Withdrawals could be made after individuals began to receive Social Security benefits or after their death. Benefits under the current Social Security system would be reduced. THIS BILL WAS NOT REFERED TO AS A CARVE OUT BY CBO SINCE IT IS NOT A CARVE OUT.If the worker used it to create an individual retirement savings account, his or her employer would have to match it.
http://www.cbo.gov/showdoc.cfm?index=1892&sequence=0

Social Security plan would build equity in more ways than one
Guest column by J. Kenneth Blackwell (R) Treas. Ohio Publication date: 06-15-98
http://www.cincypost.com/opinion/1998/guest061598.html

In an American milestone for retirement, Senator Patrick Moynihan, the New York Democrat, recently introduced legislation that endorsed putting a portion of Americans' Social Security taxes into private investment accounts. It was the legislative equivalent of Nixon going to China: Moynihan's credentials as a champion of the retirement program are beyond question, and his endorsing privatization, to any degree, signals a sea change in the way America saves for retirement.

A LIE!?!?!! The Moynihan speeches are all for an add-on private account - and not for a carve out of current tax private account. WHY DO THE GOP NEVER REFER TO AN ACTUAL BILL?


We should end the pay-as-you-go system, and give people the option of putting their Social Security taxes into personal investment accounts. Instead of a large number of retirees relying on a small number of workers to support their retirement, each worker would invest money for his or her own retirement. With even modest returns, economists estimate that a lifetime wage earner could retire a millionaire. People who die before retirement could leave their private investment account to their families.
<snip>


Private investment accounts are a better idea. Interest from private accounts comes from legitimate economic growth, not a rob-Peter-to-pay-Paul tax scheme. And while private Social Security investment accounts won't help blacks live longer, they are a better idea than reforms that extend the fruits of honest labor even further out of reach.



J. Kenneth Blackwell is treasurer of State of Ohio and was a U.S. Senate delegate to the 1998 National Summit on Retirement Savings in Washington, D.C.


Publication date: 06-15-98

[Riding this Donkey]

2. Ken Blackwell is the liar, he wrote the op ed as a guest

BTW I totally agree with you.

I think SS is a non starter with the people and this could be used against blackwell. Although we can't just sit back, we have to fight.

Here's a thought!

Blackwell could be the first GOP affected by this admins insistence on changing SS.

Just think, he is saying the same thing 7 years ago that Bush is pushing today.

Makes a lot of people angry and we could weild this sword at him.

I dont live in Ohio, but if I did, i would want it know that he supports the chimps SS dismemberment, not just now, but 7 years ago.

[NYCGirl]

3. Bush was pushing privatization and saying that the SS system would go bust

back in 1978! It's nothing new for him...

http://www.davidsirota.com/2005/01/bush-challenged-on-his-1978-ss.html

FYI...According to the NY Times, President Bush was challenged today about his comments (posted here this morning) in 1978 that Social Security would be bankrupted by 1988 unless the system was privatized. From the NY Times:

"Mr. Rangel also said he quoted to the president from a 1978 magazine article in which Mr. Bush, then running for Congress, was warning of an imminent collapse of Social Security unless it was privatized. 'And he said, 'I lost,' ' said Mr. Rangel, referring to Mr. Bush's defeat for Congress that year. 'And I said the Lord works in mysterious ways.'"

This is but a small shred of proof that blogging, researching and political activism can filter up and challenge a sitting President.