[Paranormal_Research] Social Security-2 Trillion Dollars]

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luckypig wrote:

 

 

Everyone needs to keep up with what is going on for or against

Social Security as it affects us all ......

 

SOCIAL SECURITY

The 2 Trillion Dollar Travesty

President Bush

and his cronies in Congress – in pursuit of a radical right-wing agenda

that is anything but conservative – are working a Social Security

privatization scheme that would add

trillions to the national debt, cut retirement benefits and raise taxes.

It is all part and parcel of the president's plan to cut guaranteed

Social Security benefits in favor of risky privatized accounts. Under

the current system, the payroll tax collected from today's workers goes

to benefits for people who are already retired. Bush seeks to divert

some of that money into privatized accounts for workers who won't

retire for years, which won't leave enough money to pay today's

retirees. Even Joshua Bolton, one of Bush's top economic advisors,

acknowledges that the shortfall, which could exceed $2 trillion over 10

years, would likely "require additional borrowing." This would

significantly increase the national debt, which already stands at $7.5

trillion. (The Bush administration managed to add $413 billion last

year alone). Meanwhile, Bush allies like Rep. Jim Kolbe (R-AZ) –

seeking to reduce the amount of borrowing to around $800 billion – are

backing significant Social Security benefit cuts and tax increases to

off-set the cost of the administration's privatization scheme. (For all

the details of the costs of Social Security privatization, read

this paper.)

IGNORING THE

PRICE TAG: The administration and its congressional allies have

come up with a clever way to avoid dealing with the financial

consequences of Social Security privatization: Ignore

them. Despite its potential $2 trillion price tag over 10 years –

and the president's insistence that it is a top priority – top

conservatives in Congress are considering keeping the costs of

privatization "out of the five- and 10-year deficit projection that

Congress looks at when it writes the annual budget."

NO PROBLEMS

WITH SOCIAL SECURITY FOR THE NEXT 48 YEARS: There is a dirty little

secret in Washington that the Bush administration doesn't want you to

know about: Social Security is in pretty good shape. In fact, "Social

Security is more financially sound today than it has been throughout

most of its 69-year history." According to the non-partisan

Congressional Budget Office, without any changes at all, the Social

Security program can pay all benefits through at least 2052.

TAX CUTS FOR

TOP 1 PERCENT EXCEEDS COST OF FIXING SOCIAL SECURITY FOR 75 YEARS:

During the next 75 years, the total shortfall for Social Security

amounts to just 0.4 percent of Gross Domestic Product (GDP). Meanwhile,

during that same period, President Bush's tax cuts just for the top one

percent of earners (a group of people whose average income exceeds $1

million) will cost 0.6 percent of GDP. All of Bush's tax cuts will cost

2 percent of GDP during the next 75 years – or five times the projected

75-year Social Security shortfall. The current system could be made

solvent for the indefinite future with adjustments in the tax code far

more modest than those approved by Ronald Reagan in 1983 to protect

Social Security.

PRIVATIZATION

MEANS MORE MONEY WASTED ON ADMINISTRATIVE COSTS: Another

little-known fact: Social

Security is run very efficiently. In the current system, because

the funds are managed together, less that 0.6 cents of every dollar

paid out in Social Security benefits goes to pay administration costs.

In England, which has adopted privatized accounts for its retirement

system, 15 cents of every dollar paid out in benefits goes to

administrative fees. Even by the Bush administration's own estimates,

in a system of privatized accounts, 5 cents of every dollar would go to

administrative costs, more than 8 times the amount spent on

administrative costs today.

VALUES

 

 

 

 

 

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