More lies from Bush on Social Security

[quaoar]

From remarks by President Bush to the American Legislative Exchange Council on Wednesday in Grapevine, Texas:

In the early ’50s, there was about 16 workers to every beneficiary. Today, there’s 3.3 workers for every beneficiary. Soon there’s going to be two workers for every beneficiary. If you look at the cash flow analysis, you’ll find that the system goes red in 2017.

And by the way, it is a pay-as-you-go system. Some people think it’s a trust fund. The trust fund concept means we take your money, we hold it and we give it back to you. No, this isn’t the way it is. It is a pay-as-you-go -- you pay, we go ahead and spend. (Laughter.) You pay, we pay -- you pay your payroll taxes, and we go ahead and pay for the benefits. And with money left over, we fund federal programs. And all that’s left is a file cabinet full of IOUs. Somebody told me that, and I went to West Virginia to see it for myself and, sure enough, it’s still there -- paper, promises. No, the system in 2017, goes in the red. In 2042, it’s bankrupt.

[Richardo]

1. Note to world financial markets: Bush declares Treasury notes worthless.

"Full faith and credit of the United States" now meaningless.


Idiot.