Posted on 02/12/2005 3:11:17 PM PST by RWR8189
Contact: Brian Jones
202-863-8614
“The Campaign for America’s Future is relying on fabrications and false assumptions in its political attacks against President Bush’s efforts to preserve Social Security for future generations. The realities are President Bush has pledged not to change benefits for Americans over 55 years old and Social Security will go bankrupt unless action is taken. If this out-of-the-mainstream interest group really cares about the future, it should stop misleading voters and start campaigning to modernize Social Security.”
- Brian Jones, RNC Communications Director
Campaign For America’s Future (CAF) Underestimates Potential Market Gains From Personal Retirement Accounts:
The Washington Post: “Personal Accounts Would Boost Benefits For The Average Retiree …” “[T]he effective ‘return’ on Social Security savings is the government bond rate, which the Social Security actuary projects to be 3 percent above inflation. Personal accounts, by contrast, could be invested in a mix of assets; on the assumption that they were 50 percent in stocks, 30 percent in corporate bonds and 20 percent in government bonds, the Social Security actuary projects that the return after administrative costs would be 4.6 percent above inflation.” (Editorial, “Mr. Bush’s Personal Accounts,” The Washington Post, 2/11/05)
CAF Gets Start Date Of Plan Wrong:
Personal Retirement Accounts (PRAs) Would Actually Be Implemented Over Three Years, Starting In 2009. “In the first year of implementation, workers currently between age 40 and 54 (born 1950 through 1965 inclusive) would have the option of establishing personal retirement accounts. In the second year, workers currently between age 26 and 54 (born 1950 through 1978 inclusive) would be given the option and by the end of the third year, all workers born in 1950 or later who want to participate in personal retirement accounts would be able to do so.” (“Strengthening Social Security For The 21st Century,” The White House, 2/05, p. 8; The White House, Office Of The Press Secretary, “Background Press Briefing On Social Security,” Press Release, 2/2/05)
CAF Finds Something In President’s Plan That’s Not There:
Price-Indexing Is Not In Plan President Bush Laid Out In State Of The Union Address. (“Strengthening Social Security For The 21st Century,” The White House, 2/05; The White House, Office Of The Press Secretary, “Background Press Briefing On Social Security,” Press Release, 2/2/05)
CAF’s Liberal Leanings:
Campaign For America Described As A “Counterweight To The Centrist DLC [Democratic Leadership Council].” (Timothy Starks, “Fight Is On For Heart And Soul Of Democrats, Lieberman Says,” The New York Sun, 8/5/03)
The Campaign For America’s Future Described As “Working To Push The [Democrat] Party’s Policy-Making Further To The Left.” (Donald Lambro, “Liberals In Senate Thrilled By Change,” The Washington Times, 5/25/01)
CAF Funded By Liberal Allies, Including George Soros:
The Top Two Individual Contributors To Campaign For America’s Future Were George Soros ($300,000) And Stephen Bing ($100,651). (Political Money Line Website, http://www.tray.com, Accessed 1/8/05)
This is a lost cause. Bush is right to position the party so that it can say "we told you so," but nothing is going to happen.
What I know: When I entered the work force, the dow was about 700. It is now about 10,700. If only I had been invested in private accounts back then, I would be sitting pretty today. 1965-2015 = about $800/mo., compared to much more if a portion of my money was in a private account. Besides, that, my son gets nothing of my contribution to SS. But, if our President's plan goes forward, my son and grandson will be sitting pretty good.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.