How can Bush keep this promise?greenspun.com : LUSENET : TB2K spinoff uncensored : One Thread
He says he is going to use $1 trillion to assist those now working with their social security investments, but that same $1 trillion is needed to pay benefits for those in retirement.
Who is going to get screwed, the young people or the old people?
-- (not good @ either. way), October 31, 2000
The Clinton-Gore Administration has done nothing to save Social Security, even though the massive Baby-Boom generation will begin drawing benefits eight years from now. When Social Security first started, there were 42 workers to support each retiree; in a few decades there will be only 2 workers per retiree. As a result, Social Security benefits will exceed contributions beginning in 2015 and the system will go bankrupt in 2037.
Without reform, Social Security benefits will have to be cut by 30 percent or Social Security taxes will have to be increased by 50 percent. The only alternative is to increase the rate of return workers receive on their payroll taxes. Workers already pay 12.4 percent of their income into Social Security. The real return people get on this investment is less than 2 percent a year. Over the long term, sound investments in a balanced portfolio of stocks and bonds yield about a 6 percent return after inflation. Even the safest government bonds yield 4 percent. Thanks to the magic of compound interest, investing that difference over a lifetime can show dramatic results.
Numerous reform-minded Democrats agree with Bushs effort to save Social Security. These include Senators Moynihan (D-NY), Kerrey (D-NE), and Breaux (D-LA) and Congressman Stenholm (D-TX).
Governor Bush will build a bipartisan consensus to save Social Security based on the following principles: Absolutely no change in existing benefits for retirees or near-retirees. The Social Security surplus must be locked away only for Social Security. Social Security payroll taxes must not be increased. The government itself must not invest Social Security funds in the market. Modernization must preserve the disability and survivors components. Modernization must include individually controlled, voluntary personal retirement accounts, which will augment the Social Security safety net. These accounts will earn higher rates of return, have parameters of safety and soundness, and help workers build wealth that can be passed on to their children.
-- Understand? (Very_Good@This.way), October 31, 2000.
Cut the bullshit, just answer the question.
-- (email@example.com), October 31, 2000.
What? You don't understand English?
-- I'll beat you up somemore tomorrow. (Going@to.bed.now), October 31, 2000.
Well, one of these two is Hawk. God knows who the other one is.
-- Brian McLaughlin (firstname.lastname@example.org), November 01, 2000.
Hint: Hawk doesn't like Bush.
-- (email@example.com), November 01, 2000.
Neither, the original statement is incorrect.
-- smoke screen (answer@the question.nut), November 01, 2000.