Posted on 02/17/2005 5:32:50 PM PST by RWR8189
“While Democrats attack the President's bold leadership to strengthen Social Security, they fail to calculate their own cost of doing nothing. Their inaccurate claims are based on false assumptions and their failure to offer any alternative to the President's leadership is troubling. When it comes to Social Security, it's sad that some Democrats prefer to engage in attack politics over substantive policy discussions.”
- Tracey Schmitt, RNC Press Secretary
Democrats Have No Plan For Social Security – Except To Roll Back Tax Cuts:
“House And Senate Democrats Have Decided Against Introducing An Alternative Social Security Reform Plan Yet, Preferring Instead To Focus Attention And Criticism On President Bush’s Proposals …” (Patrick O’Connor, “For Now, Dems Will Offer No Social Security Reforms,” The Hill, 2/8/05)
Sen. Debbie Stabenow (D-MI) Recently Suggested Rolling Back Portion Of President’s Tax Cuts To Fund Social Security. “I would also argue that when we look at the numbers out 75 years, that we see that the gap in Social Security funding is about one-third of the total that will be spent on the tax plan that the president wants to make permanent, that benefits those who are blessed with the best retirement security in our country. And I would suggest that asking them to take 70 percent of those tax cuts, as an example, instead of a hundred percent, and secure Social Security for 75 years …” (Sen. Stabenow, Press Conference, 2/14/05)
Fed Chairman Alan Greenspan: “[T]here Is A Huge Hole In The System, And We Have No Choice But To Find A Way To Fill It.” (Federal Reserve Chairman Alan Greenspan, Committee On Banking, Housing, And Urban Affairs, U.S. Senate, Testimony, 2/16/05)
As Of 2004, The Cost Of Doing Nothing Was An Estimated $10.4 Trillion. (“The 2004 Annual Report Of The Board Of Trustees Of The Federal Old-Age And Survivors Insurance And Disability Insurance Trust Funds,” Social Security Administration, 3/23/04)
Sen. Charles Schumer (D-NY) Admitted There Is A Problem With Current System Or That It Needs To Changed. Federal Reserve Chairman Alan Greenspan: “My judgment is we’ve got a problem in, that the existing pay-as-you-go system is not working and we have to change it.” Sen. Charles Schumer: “[N]obody disputes that.” (Federal Reserve Chairman Alan Greenspan, Committee On Banking, Housing, And Urban Affairs, U.S. Senate, Testimony, 2/16/05)
Sen. Richard Durbin (D-IL) Said, “Due To The Increasing Number Of ‘Baby Boomers’ Reaching Retirement Age, Social Security Will Be Unable To Pay Out Full Benefits … But The Sooner Congress Acts To Avert This Crisis The Easier And Less Painful It Will Be.” (Sen. Dick Durbin, “Reforming Social Security,” Press Release, 9/15/98)
Sen. Stabenow (D-MI): “Putting Social Security First Is More Than Just A Slogan To Me. I Am Committed To Protecting And Strengthening Social Security, Not Only For Current Retirees, But For Our Children And Grandchildren.” (Debbie Stabenow, Op-Ed, “Budget Won’t Protect Social Security,” Michigan Chronicle, 1/11/00)
Former Kerry Campaign Operative Jason Furman’s Calculation Of Effects Of President’s Social Security Plan Frequently Cited By Democrats. Jason Furman, now at the “the liberal think tank Center on Budget and Policy Priorities,” has worked for President Clinton, Vice President Gore, General Wesley Clark, and was Director Of Economic Policy for the John Kerry campaign. (David Wessel, “Some Bush-Style Social Security Scenarios,” The Wall Street Journal, 2/17/05; Tamara Lytle, “Reforming Retirement System Poses Pitfalls,” Orlando Sentinel, 2/3/05; Kerry Campaign, “John Kerry Announces All-Star Additions To Campaign Leadership Team,” Press Release, 4/16/04; “Brookings Briefing: The 2004 Campaign; Assessing The Merits And Costs Of The Candidates’ Domestic Agendas,” Brookings Institute, 6/23/04)
Democrats Like To Cite Former Clinton Administration Economist And Kerry Campaign Consultant Peter Orszag. (Julie Hirschfeld Davis, “Kerry Offers Plan Designed To Curb Outsourced Jobs,” The [Baltimore] Sun, 3/27/04; Jonathan Weisman, “Participants Would Forfeit Part Of Accounts’ Profits,” The Washington Post, (2/3/05)
Democrats Often Cite Dean Baker, “Co-Director Of The Center For Economic And Policy Research, A Leftist Think-Tank Funded By George Soros.” (Donald Luskin, "Take The Krugman 6.5% Challenge," National Review Online, 2/2/05
So what's wrong with leaving SS the way it is plus allow people to contribute to a Tax Sheltered Annunity of their choice. This would avoid the deficit buster and increase the needed saving rate.
This is being done wrong. We need some spokesmen to stand with the democrats and AGREE with them to let SS DIE ON THE VINE!
Because my rate of return will be something like 2%. And if I die before 67, I get nothing.
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