02/12/2005: More Social Security:
Business Week has a viewpoint on Social Security for its upcoming February 14th edition:
Social Security: Pick The Best Part Of Every Plan: By Glenn Hubbard.
The only real problem, as I see it, is that NONE of the proposed plans, nor Mr. Hubbard's suggestions, addresses what to do with the actual cash shortfall for the existing program and beneficiaries. And all of the Social Security debate ignores the more URGENT problems with the cash shortfall for the previous Bush changes to the Medicare program.
In part this Business Week article states:
"Finally, contributions of low-income individuals to personal accounts could be matched in some proportion with public contributions to bolster future income in retirement."
What are these "public contributions" Glenn writes of except another word for TAX DOLLARS...which, if this adminstration wasn't in an "over my dead body" stance on anything that could actually correct the cash shortfalls, seems to be pretty lame to suggest at this point. So, unfortunately...I'm sending you back to the drawing board, Glenn.
Today, Robert Weiner, Democratic strategist and former chief of staff of the House Aging Committee under Chairman Claude Pepper (D-FL), sharply criticized the President's "Chicken Little" approach to trying to gain traction with the American people on this issue. US new wire reports Weiner saying:
"President Bush is using the Chicken Little myth in his radio address today when he asserts that 'by 2042 the entire system' will be 'bankrupt'. By that definition, the federal government is bankrupt right now -- spending nearly $500 billion more per year than it takes in, plus the off-budget items of another some $80 billion in the supplemental appropriations for the Iraq war."
Karen on 02.12.05 @ 08:10 AM CST