* plans to spend the entire SS Trust Fund for other purposes!

[acmejack]

Just receeived a letter from Congressman Lloyd Doggett regarding Social Security. It's too long for it's entirity, but here is the interesting part.

Snip>

"Now, Republican Rep. Jim McCrery has finally
introduced a bill. His proposal, H.R. 3304, also known as the
GROW Act, cuts guaranteed benefits, increases the national debt,
and doesn't stop the raid on the Social Security Trust Fund."

Snip>

"H.R. 3304 proposes to dedicate the annual Social Security
surpluses to private accounts, but Secretary of the Treasury John
Snow told me at a hearing earlier this year that the President
already plans to spend the entire Social Security Trust Fund for
other purposes. Republican McCrery's "new" solution may sound
pain-free, but it is really solution-free."

Snip>

Had you heard that * intends to redirect the entire SS Trust?

[Booster]

1. I would expect that this would be political suicide for ALL

Republicans running in '06, and can't really believe that Congress would allow this to happen. Haven't heard this anywhere, but this just might be the last straw for real conservatives.

[SpiralHawk]

2. Hmmm, Bush could beef up the Black Ops Propaganda program

Dosn't seem to be too effective lately.

[acmejack]

3. The Nation has a good blurb about that.

He has the numbers of a lame duck, but his terrible agenda is having it's way.

[FormerRepublican]

4. Well...

Since the trust fund is invested in US Treasuries, technically they already have...

But considering the fact that Bush would have us create 2 Trillion in ADDITIONAL debt, plus the Treasuries which must already be paid back to fund Social Security, it's clear to me which is the better plan.

I'm not sure who will fund US debt when SS begins drawing on their treasuries to fund pensions. The Saudis? China?

SS does have some problems. The national debt is a SERIOUS problem (which is why SS has problems, since Congress demanded that SS invest the trust fund in Treasuries, which is government debt). But it's crystal clear that George Bush doesn't have a CLUE about how to manage money, and would bankrupt us all to fund so-called private accounts (which would, of necessity, be taxed to pay for the debt subject to compound interest that was incurred to create them). Yet another Bush plan to screw the little guy.

[dweller]

5. Remember that photo op

of *moron standing and looking in a file cabinet and claiming there were just 'worthless IOU's' in it?


Bush: Social Security trust fund 'just IOUs'

President says, 'There is no trust fund'
PARKERSBURG, W.Va. - President Bush on Tuesday used a
four-drawer filing cabinet stuffed with paper representing
government IOUs that he said symbolized the Social Security trust
fund's bleak outlook for meeting Americans' future retirement
needs.

"A lot of people in America think there is a trust - that we take
your money in payroll taxes and then we hold it for you and then
when you retire, we give it back to you," Bush said in a speech at
the University of West Virginia at Parkersburg.

"But that's not the way it works," Bush said. "There is no trust
'fund' - just IOUs that I saw firsthand," Bush said.
http://www.msnbc.msn.com/id/7393649/

for a different opinion:http://www.pbs.org/newshour/bb/economy/july-dec01/lockbox_8-22.html

yeh, he'll make sure they are worthless.
dp

edit: links

[gratuitous]

6. Practically every penny collected for social security is "surplus"

There aren't that many beneficiaries collecting social security benefits who are also paying social security taxes. From what Daggett says, it sounds like McCrery's bill would pretty much take every penny of the money funding social security and divert it to private accounts. I hear rare coins are a good investment, right?