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  • From: "Melody O." <melody AT crecon.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] The real reason for Social Security reform
  • Date: Fri, 11 Feb 2005 10:02:06 -0700

At 09:41 AM 2/11/05 -0700, you wrote:
>This is from the highly conservative National Review Online:
>http://www.nationalreview.com/nrof_bartlett/bartlett200502100848.asp
>
>February 10, 2005, 8:48 a.m.
>The Real Reason for Social Security Reform
>If we don’t overhaul the program, your income taxes will skyrocket.
>
>At long last, we are finally starting to get some meaningful details about
>President Bush’s Social Security reform proposal. <snip>

>I have heard more than a few people discuss Social Security reform as if
>the private accounts will magically fix Social Security without any
>necessity of reducing benefits. Indeed, they are adamant that there not be
>any cut in benefits whatsoever, now or at any time in the future.
>
<snip>
>
>In order to induce people to make this trade-off, Bush strongly emphasizes
>that the status quo is unsustainable in the long run. He points often to
>the fact that the Social Security trust fund will be exhausted in the year
>2042. At that point, current projected revenues from the payroll tax will
>only cover about 75 percent of promised benefits. The implication is that
>benefits will either have to be cut across the board by 25 percent or the
>payroll tax rate will have to rise by about 4 percentage points.

I ran across this bumper sticker: "You can fool some of the people all of
the time, and those are the ones you want to concentrate on."
--- President George W. Bush, speaking at a Gridiron Club dinner,
Washington, D.C., March 2001

I wonder if the SS Reform fits into this category?

Best wishes,
Melody




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