Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Democrats Attack Bush's Social Security Plan

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU
 
wicket Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 12:59 PM
Original message
Democrats Attack Bush's Social Security Plan
http://www.boston.com/news/nation/washington/articles/2... /

Democrats accused President Bush on Saturday of trying to scare Americans into believing the Social Security retirement system is in crisis to build support for his private investment account plan.

In the weekly Democratic radio address, U.S. Rep. Charles Rangel of New York said there was no imminent crisis with program created during the Great Depression in 1935 to help lift the elderly out of poverty.

"The White House wants Americans to believe that Social Security is heading for an iceberg," he said. "They think that, by scaring people, they will help increase support for privatization."

-snip-

"Unfortunately, the president's proposal for privatized accounts makes Social Security weaker, not stronger," Rangel said. "It drains $2 trillion from the trust fund, leading to drastic cuts in benefits of more than 40 percent."

---------------------------------------------------------------

WOO HOO!!! Keep up the heat!!! :kick:
Printer Friendly | Permalink |  | Top
stray cat Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 01:06 PM
Response to Original message
1. Bush wants us to entrust our social security funds to corps like Enron
Surely people who lost their retirement in the stock market recently can see this is not a good idea.
Printer Friendly | Permalink |  | Top
 
papau Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 01:32 PM
Response to Original message
2. Solution: No wage cap is equiv to 14.82 tax instead of 12.4 tax for OASDI
No wage cap is equiv to 14.82 tax instead of 12.4 tax for OASDI

http://www.ssa.gov/OACT/TR/TR04/II_cyoper.html#wp89438

From the detailed SSA reports we find that OASDI's wage capped (at $90,000 in 2005) 12.4% (6.2 to employee and 6.2% to employer) produced about $543B in 2001.

And HI's no wage cap 2.9% produced about $151B for 2001.

Therefore removing the wage cap would have increased the tax take for OASDI by 20%.

The Trustee's report says that the tax shortfall over 75 years averages 1.92% (this is actually much too high as it is inflated by not reflecting the excess assets and their interest that would occur should the tax increase be passed now when Soc Security is over funded that Bush uses the Soc Sec surplus monies to finance his tax cuts for the rich). In any case a 20% increase on the 12.4% amounts to 2.48% additional to the tax rate (greater than 1.92%) - meaning the overall tax rate would have to come down because we would be so over funded.
Printer Friendly | Permalink |  | Top
 
DaedelusNemo Donating Member (336 posts) Send PM | Profile | Ignore Sat Jan-08-05 11:09 PM
Response to Reply #2
12. That's good stuff! Thanks a lot! /nt
Printer Friendly | Permalink |  | Top
 
Cha Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 01:48 PM
Response to Original message
3. Everything bush touches gets "weaker"!
That's a no-brainer! But, thanks for pointing it out to the people who are clueless.

I hope the Dems win this battle!
Printer Friendly | Permalink |  | Top
 
bklyncowgirl Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 02:57 PM
Response to Original message
4. Dems need a plan of their own. You can't beat something with nothing.
If all the Democrats can say is "don't worry be happy" and "Bush is going to take your money and cut your benefits, Social Security will go down in defeat.

The Republicans have spent years building up their case for privatization. The Democrats have to get a plan and get it out there loud and clear as soon as possible
Printer Friendly | Permalink |  | Top
 
yankeedem Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 03:00 PM
Response to Reply #4
5. The plan should be
Take the cap off the contributions over $87k and on investment income. It will work to solve the "crisis" and is populist. Of course the pukes will call it a tax increase.
Printer Friendly | Permalink |  | Top
 
InvisibleBallots Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-09-05 12:54 AM
Response to Reply #5
15. Cut the Tax Cap!
Tax the rich, not the middle class!
Printer Friendly | Permalink |  | Top
 
greenohio Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 03:02 PM
Response to Reply #4
6. Its true.
Good post.
Printer Friendly | Permalink |  | Top
 
Telly Savalas Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 03:37 PM
Response to Reply #4
7. Say your kid has a mild flu...
Doctor A says several limbs should be amputated as a cure. Doctor B says that you shouldn't do anything. Clearly this is a case of nothing beating something, and it makes a good analogy for the Social Security situation with the exception that SS doesn't even have the flu.

From a PR standpoint I can see having an alternative being useful, but even then these should be presented as contigency plans. e.g.:"Social Security is just fine, so we don't need Bush messing with it. If things turn for the worse for whatever reason, we Democrats suggest A, B, and C as things that'll patch it up."
Printer Friendly | Permalink |  | Top
 
Zookeeper Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 03:44 PM
Response to Reply #7
9. Good point.
I think most middle-aged to elderly people don't want to see anyone "messing with it."

Is anyone aware of any surveys showing opinions on S.S. differing by age group?

Printer Friendly | Permalink |  | Top
 
wicket Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 08:30 PM
Response to Reply #7
11. exactly
:kick:
Printer Friendly | Permalink |  | Top
 
DaedelusNemo Donating Member (336 posts) Send PM | Profile | Ignore Sat Jan-08-05 11:10 PM
Response to Reply #7
13. Or, "if Bush really wanted to fix it, he'd just -" /nt
Printer Friendly | Permalink |  | Top
 
Zookeeper Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 03:38 PM
Response to Original message
8. Molly Ivins had a great column this week....
on Social Security. She writes that BushCo is about to launch a $50 to $100 million propaganda campaign to "convince us that Social Security is in crisis."

Contributors include: $9 million from Bush backers, Progress for America; as much as $15 million from the Club for Growth, corporate trade associations spearheaded by the National Association of Manufacturers; "Other likely contributors include the financial services and securities industries..."

I will use her column as "dropaganda."

http://www.alternet.org/columnists/story/20916

Printer Friendly | Permalink |  | Top
 
wicket Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 04:31 PM
Response to Reply #8
10. Molly Ivins rocks!
Printer Friendly | Permalink |  | Top
 
proudbluestater Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-09-05 12:51 AM
Response to Original message
14. Go, Charie, Go, Charlie, Go, Charlie, Go Charlie!
Dems have got to keep up the pressure on these freaks of nature!!
Printer Friendly | Permalink |  | Top
 
wicket Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-10-05 07:23 AM
Response to Original message
16. kick
:kick:
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Wed Jul 30th 2014, 04:39 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC