February 07, 2005
Spending The Social Security Surplus
Just a quick note about the surplus. Privatization defenders often point out how the trust fund doesn't exist. And they say that it's not just Bush who spends the Social Security surplus ever year; every president does.
Let's put it simply. Yes, all presidents take the money and spend it. But the Democrats intend to pay it back with interest. The Republicans don't intend to pay it back. What is the difference? The difference is between borrowing and stealing.
The point they then fall back on is that it is just the government borrowing from itself, so it just cancels out. That would be true if the income streams were identical. But the surplus comes mostly from the poorer. The government's income comes mostly from the richer.
So the Democrats borrow from the poor, intending to pay them back with interest. The Republicans want to steal from the poor to give to the rich.
Was there a social security surplus at the end of Clinton's 2nd term in office? And when was the surplus depleted, if it was, and by whom and on what?
I agree that the Democrat, as well as Replublican Presidents use our money, but I believe the truth is the Democrat's intentions when borrowing is to repay and the Republicans to fatten fat pockets that either don't contribute to or receive benefits from the fund. That is so wrong.
It's easy to say that a personal savings plan should be implimented for those 45 and younger, but where will the money come from to replenish what has already been spent? Where will the money come from to make up the shortfalls in us low to middle class income tax payers taking part of our contribution and investing in personal investment vehicles.
A lot of people lost their jobs during Bush's first 4 years and their income or ability to save has totally deminished. Alot of people are working 2 and 3 jobs as part-time employees without the amount of benefits contributed to the ss benefit bucket to make a personal savings account make even a dent in the deficit they face when it is time for them to collect. Why does Bush not see the little people and what is really low income and middle class verses the fat cats he serves. Again it goes back to the fact that he doesn't contribute and won't collect, But he won't be without his capital hill social security pension.
Thanks
Vanessa
The democrats will never be able to pay the money back no matter how much they 'intend' to. It's theft either way. It's gone and we've been ripped off.
Posted by: Mike at June 23, 2005 05:45 AM