Bush's Social Security Plan Is Said to Require Vast Borrowing

[rodeodance]

surprize, surprize!!

http://www.truthout.org/docs_04/113004V.shtml

Bush's Social Security Plan Is Said to Require Vast Borrowing
By Richard W. Stevenson
The New York Times

Sunday 28 November 2004

Washington - The White House and Republicans in Congress are all but certain to embrace large-scale government borrowing to help finance President Bush's plan to create personal investment accounts in Social Security, according to administration officials, members of Congress and independent analysts.

The White House says it has made no decisions about how to pay for establishing the accounts, and among Republicans on Capitol Hill there are divergent opinions about how much borrowing would be prudent at a time when the government is running large budget deficits. Many Democrats say that the costs associated with setting up personal accounts just make Social Security's financial problems worse, and that the United States can scarcely afford to add to its rapidly growing national debt.

But proponents of Mr. Bush's effort to make investment accounts the centerpiece of an overhaul of the retirement system said there were no realistic alternatives to some increases in borrowing, a requirement the White House is beginning to acknowledge.

"The administration hasn't settled on any particular Social Security reform plan," Joshua B. Bolten, the director of the White House's Office of Management and Budget, said in an e-mail message in response to questions about overhauling the system.
....

[flyingfysh]

1. he's not going to be able to do it

Not without raising interest rates a lot. Why should people buy all these bonds at such low rates?

[SaintAnne]

2. money?

ummmmmm he doesn't have a plan... maybe god will intervene and give it to him? ya think?

[RUMMYisFROSTED]

3. We could do nothing and not have to borrow for 2 generations.

:freak:


Or :think: we could raise the cap from 88k and not have to borrow at all.

[99Pancakes]

4. We have a dunce, drunk, party animal

deciding our fates?!!!!! Ugh!!!!

Fuzzy Math, boys and girls.

[RPM]

5. get the meme out there....

"Borrow and Spend Republicans"

[lovuian]

6. Without Social Security or Medicare why would we pay taxes

to the government!!!

thats the only freakin income they have

Plus if everybody is unemployed those accounts aren't going to help!!!

[cliss]

7. Borrow? Borrow what?

There's no money left to borrow. Unless we send a cablegram to Mars and see if there are any takers there.

We're so far in debt right now, it boggles the imagination. We have locked our great-great grandchildren into paying the debts from Bush's Brilliant Borrowing. There ain't no more.

They won't be able to pull this off because it can't be done.

[ScrewyRabbit]

8. It's a swindle

A transfer of wealth from the government to the private sector. The pirates are lining up to pillage the treasury. Your grandkids get to pay for the party.

[Moderator]

9. Duplicate plus source

This is from a Sat New York Times article.
We all love truthout, but LBN requires the original source, not a re-print. Re-prints such as this will almost always be dupes.

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=1025023