Saturday, March 05, 2005


Bush is at it again. He's shifting his scheme for Social Security away from replacing it with private accounts to now calling those accounts an "add-on" to Social Security. From Mr. Bush:
See, personal accounts is an add-on to that which the government is going to pay you. It doesn't replace the Social Security system. It is a part of making -- getting a better rate of return, though, so -- to come closer to the promises made. That's important to know.
Boy that sounds great. To use simple math:
Too bad if you just listen carefully to the words Bush says right before this, you'll see he's once again using Enron accounting techniques:
But it's your money, and the interest off that money goes to supplement the Social Security check that you're going to get from the federal government.
So if it's my money, why does only the interest off my money supplement my Social Security check? Why doesn't that capital from my capital account also supplement my Social Security benefit? I mean, if it's my money and an add-on to Social Security, why would only the interest be added on? You see boys and girls, it's a scam. The personal account is just a way to divert money from Social Security benefits. To use Bush math:
The right wants to eliminate Social Security. By adopting terms like "add-on" and "safety net" they hope to gain support for their scheme to erode one of the most successful poverty reducing programs in history. But don't be fooled. They only hope to reduce Social Security's safety net while flooding the stock market with new sources of capital and management fee revenue.