Monday, January 03, 2005

Talking Points Memo: Joshua Micah Marshall scores a bullseye!

Talking Points Memo: by Joshua Micah Marshall goes right to the stinking heart of the Social Security scam in today's post. At the center of the post:

"...about $3 trillion of those dollars we needed to fund the 1980s and 1990s deficits we managed to borrow closer to home. We borrowed it from the Social Security (and a few other government) trust fund(s)."

"Almost the entirety of President Bush's Social Security phase-out plan comes down to a simple proposition: finding out how not to pay it back.

"Now, admittedly, this is an approach that the president is rather familiar with from his own business career at various failed energy companies. But it is, in so many words, a straight up con -- one of vast scale, and one which virtually no one in the media ever frames in just these terms."
"So why does the president figure he can get away without making good on the debt to the folks who pay Social Security taxes, who are overwhelmingly low and middle-income wage earners (since no one pays Social Security tax on investment income or wage and salary income over about $85,000 a year)?"

"Isn't it obvious? Because he thinks they're an easy mark."

There is more detail in the post, read it.


Blogger josh narins said...

David Ott is reported as saying that, in 1978, Bush ran on the campaign that if Social Security wasn't privatized it would be bankrupt within a decade.

I think J Brad DeLong had it right (although, again, Bush hasn't actually revealed his plan). The Bu$hCo Social Security Commission Privateers (p. 156 of "The Price of Loyalty" "All of the members of the Commission had been preapproved by Larry Lindsey or Karl Rove as supporters of private accounts.") used fake numbers to guarantee the results came out right.

January 19, 2005 at 8:06 PM  
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January 8, 2016 at 4:43 PM  

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