August 24, 2004
Social Insecurity: A time-bomb of mass destruction?
Amidst the “sexier” issues of war then (1968) and now, is this time bomb of mass destruction to be ignored? The massive overpromised Social Security system threatens to implode and explode as time passes. The Democrats don’t want to address it, but will the Republicans? A convention, and all its platform resolutions on policy, are days away. Does it matter that we are enduring a financial albatross that can cripple our economy, and the hopes of the aging, in the ensuing years? Do we care? Should we? And if so, how?
Posted by Matthew Hogan at August 24, 2004 09:44 AMThe Democrats don’t want to address it, but will the Republicans?
Haha! SS currently runs a surplus that could be used to keep it solvent for decades, except that Bush is doling it out to the wealthy disguised as tax cuts. Democrats wanted to put the surplus into a “lock box” and use part of the budget surplus to make sure SS got through the baby-boomer’s retirements…
Hey, wait a minute! You’re talking about dismantling Social Security, aren’t you? You’re right, Democrats aren’t going to do that. I hope Bush proposes it during the convention.
Matt, this is just another example of how the Right wants to scare the people out of their entitlement. The fact is we are undergoing another baby boom and population growth surge in this country (as reported recently by our own government). Hence, SS and Medicare will run deficits for 15 to 20 years countering the surpluses it has generated these last couple decades, before the new entrants to the work force once again generate surpluses. The only time-bomb here is the lack of fiscal discipline over discretionary spending by this President and Congress.
We need to keep kicking incumbents out of office until their replacements finally get it. Budget for the needs of all of the American people and our nation as a whole, and quit budgeting for trips to Mercury to see if it is still hot that close to the sun. Good Grief, we waste money as if we had a printing press in the back room - oh! yeah! we do, don’t we? That must be why inflation is picking up again.
Posted by: David R. Remer at August 24, 2004 01:33 PMI don’t think anyone with any knowledge of the Depression would advocate dismantling Social Security except a self absorbed malcontent who thinks anyone without his means is worthless.
A reconstruction of Social Security for what it was meant is in order. It wasn’t designed as a stipend for the wealthy.
Medicare needs to stop rewarding and being used as welfare for medical and drug company theives and used as it was intended as a means of raising the healthcare levels of the impoverished.
It’s time for Congress and the Administrations and both parties to be held responsible for economic mal feasance. Pretending that these programs are solvent is equally as ignorant as assuming the poor are the reason for the imbalances in funding.
When the wealthy begin to show something other than self interest and greed and the irresponsible are held accountable and taught how to mange their own finances these programs will be within the reach of being balanced.
Education of the electorate is the problem here. Both parties are guilty of fraud. Eliminating space and scientific research will not balance the budget in these programs and deny us of future advances in knowledge.
Posted by: Greg at August 25, 2004 12:23 PMPretending that these programs are solvent is equally as ignorant as assuming the poor are the reason for the imbalances in funding.
Hmm… I’m not sure what you’re getting at here, Greg. SS is solvent right now. In fact, it’s running a surplus.
And this is the first I’ve heard that SS is a “stipend for the wealthy.” Can you elaborate a little?
The Republicans are addressing it, by running outrageous deficts, trying to cause a financial crisis, weaken it further with “privatization”, and then probably sacrifice it on the alter of fighting terrorism (which no cost is to great).
Posted by: Al Maline at August 26, 2004 09:36 PMAl:
Your comment that Republicans are “trying to cause a financial crisis” passes beyond mere ignorance and into the vast realm of stupidity.
Also, I don’t understand why so many have a problem with privatizing a portion of Social Security. No one is talking about privatizing the entire amount, but rather giving people the choice to do what they want with a PORTION of their money.
Seems the left is mostly against this, which confuses me, since the left usually considers themselves the party of “choice”.
Even a dolt can earn more money on their own than SS does in a good year. Of course, there will be ups and downs, rather than the mind numbing boredom of continually bad performance.
So why is it a bad thing to give people this kind of choice. And lets not hear the tired refrain of how it will cause people to lose their safety net—that would only be true if all (or possibly even just a large percentage) of the SS money were privatized.
Posted by: joebagodonuts at August 27, 2004 12:38 AMSaying social security is solvent is like saying because I haven’t recieved my credit card bill yet, I owe nothing. Only in the world of Arthur Anderson accounting can you say SS is in surplus.
By “A stipend for the wealthy” I mean that people of significant means should not recieve social security. It was created as a safety net for the poor, granted a pay out system was devised to encourage contributers to pay into it, but the original design was a simple safety net. There should be a means test for tose those recieving social security.
Evil neocon government rulers have decided that the best way to dismantle social programs is to bankrupt the country. This has the added beenfit of providing endless opportunities to line their own pockets in the process and never have to worry their own Social Security. To be sure, these evil conspirators will take their SS checks whether they need it or not. When S&L crooks, Ollie North or Haliburton executives fleece taxpayers they can take comfort in the fact that few if any get caught and even if they do they will probably get to stay in a minumum security prison with tennis courts or be pardoned by their Presidential partner in crime. Under the direction of VP Bush I, Negroponte violated Congressional orders, facilitated the murder of Central American Nuns, Priests and peasants only to be selected by Bush II to run Iraq. Power operates this way in every Country in the world whether you call it a Democracy or a Dictatorship.
Posted by: bayviking at August 27, 2004 02:49 PMbayviking, my mama frequently said as I was growing up, you know a person better by what they do, than by what they say. My mama was so right, and so are you. There is plan by this administration and it is as you say, prioritize missions to Mercury to test the temperature (HOT), prioritize space based nuclear grids and world cop spending, prioritize corporate welfare and bailouts, prioritize pork spending by congressional reps. and voila! So sorry, no money for S.S., Medicare, Public education, or Head Start….
Yep, it’s a plan all right! A plan Americans deserve whole heartedly if they reelect Bush in November. 7.2 million American citizens now live overseas. Watch that number grow to 10 million by the end of another 4 year Bush administration.
Posted by: David R. Remer at August 27, 2004 03:50 PMI guess Alan Greenspan thinks maybe SS isn’t quite solvent. Greenspan issues warning
Posted by: Greg at August 28, 2004 10:23 PMAlan Greenspan is a Republican who views such programs as a potential threat to GDP growth. He also lauds globalization as some kind of panacea. Don’t get me wrong, I immensely respect the mind and brilliance of Alan Greenspan, and I think you could not find a more capable person to lead the fed in its fight against inflation and recession when it comes to monetary policy.
But, fiscal policy is not in his purview, and he is allowed the luxury of placing conservative economic theory above practicality, party loyalty above social policy, when it comes to fiscal policy. For as he is so very fond of saying, ‘fiscal policy is the responsibility of Congress, not the Fed, and I like it that way very much.’ Not an actual quote, but paraphrased, and accurate as one reviews his remarks before Congress.
Posted by: David R. Remer at August 29, 2004 12:41 AMGreg, no where in the link you provided does Greenspan state that SS and Medicare are not solvent.
Federal Reserve Chairman Alan Greenspan said Friday that the country will face “abrupt and painful” choices if Congress does not move quickly to trim the Social Security and Medicare benefits promised to the baby boom generation.
You might note, 1) Greenspan’s comments are directed at the future, 2) he offers only a Republican (which he is) solution, cut spending, rather than increase revenues, and 3) he conveniently places the problem at Congress’s feet disavowing any role he has in assisting with a solution (since his role is strictly monetary policy).
SS and Medicare are solvent today. Have been for a very long time, producing surpluses. Had Gore got his lock box, we would have funding for SS and Medicare for many, many decades to come. But, Congress in all its idiocy, spent the surpluses on the likes of NASA missions to Mercury to see if it is still hot that close to the Sun. Hell, I could have answered that one without leaving my desk and only charged $25 instead of 25 million or whatever the figure was.
Posted by: David R. Remer at August 29, 2004 01:17 AM