"Rethinking the Benefit Math": Graphic WPost graphic on Dubya's SS Plan!

[flpoljunkie]

Does Dubya, our "flim-flam prezident", really think he can sell this turkey? Calling Dubya "Robin Hood" for his Social Security privatization/annihilation scheme is a real laugher--benefits cuts start for those earning $25,000--they're the rich, alright!

http://www.washingtonpost.com/wp-dyn/content/graphic/2005/04/30/GR2005043000201.html

Rethinking the Benefit Math

President Bush supports a method of calculating Social Security benefits called progressive indexing. This method would leave benefits untouched for low-wage earners but would phase in cuts for people earning $25,000 or more. Those earning the taxable maximum of $90,000 would experience the steepest cuts. The plan would not affect people who are currently 55 or older.

[damntexdem]

1. The plan is simple:

1. hurt the middle class;
2. take pennies from the rich, while giving them dollars in tax cuts, and failing to tax FICA over $90K;
3. split everyone else from the poor; and
4. thus undermine the entire Social Security system.

But, then, even GOP pols are starting to realize that Dubya wants them to touch that 'third rail' to test whether the results will still prove shocking.

Meanwhile, the GOP says that there's "room at the table" for Dem pols. If Dem pols had any sense, they'd do their best to kick that table over -- and on this one, maybe they actually will have at least that much sense.

[flpoljunkie]

2. Excellent analysis of Dubya's plan--turn SS into welfare program and allow

it to "wither on the vine"--and, thereby, absolve the government of it's responsibility to the Social Security system-- Dubya's forced bankruptcy plan, you might call it.

[Jacobin]

3. Exactly

[Mountainman]

4. Well I'll be 59 next month so I guess I don't have to care, but I do care

I care about all the people younger than me who are going to be hurt by these rethuglians. All they have to do is care about the average person as much as they do about corporations and wealthy people and they would come up with a much fairer plan.

This is all ideology driven by the right and has nothing to do with saving social security or caring about the poor. It is all about gutting the new deal programs and reversing any progressive gains made since the sixties.

I always wonder what they think will happen if masses of people are living in poverty yet still work. Do they think that people will just let them have their idyllic profundie prowealthy class world?

[flamin lib]

5. But you should care!!

The change in indexing will be immediate. You'll see a 24% cut in benefits.

[flpoljunkie]

6. "The Perils of Privatization: Bush's Lethal Plan for Social Security"

http://www.epinet.org/content.cfm/issuebriefs_ib145

From "The Perils of Privatization: Bush's Lethal Plan for Social Security" by the Economic Policy Institute...

Excessive rates of return -- The Bush proposal assumes an excessively high rate of return on personal accounts- an average real rate of 6%, but future returns are likely to be much lower. Present rates cannot persist nor will returns over the next 75 years equal those of the past 75-primarily because the stock market is currently overvalued. Expert opinion is predicting future returns over the next 75 years to average 4.0% to 4.5%, adjusted for inflation. Returns on bonds in the Social Security Trust Fund are expected to average 3%, after inflation. Even the 1% to 1.5% advantage of stocks over bonds will largely be erased by the higher overhead associated with equity investments.

Moreover, the stock market has shown that it can produce long droughts for financial investors. In the twentieth century, three different 20-year periods-1901 to 1921, 1928 to 1948, and 1962 to 1982-have generated average real rates of return of 0%. Under such circumstances, private investments in equities will not provide sufficient returns for a decent standard of living in retirement.

[TreasonousBastard]

7. Sell what? He has no plan...

and the whole thing is bullshit to avoid talking about some real problems.

Social Security is fine, but what about Medicare, the trade balance, federal debt, war without end and an enormous military budget, reduced real wages while working, increased "security" that provides no security, and the private pension and healthcare mess.

Once again, the puppet proves that this administration has absolutely no clue, and will go down in history as the worst we have ever had.

the mind boggles that at one of the most critical times in our history we manage to get the most incompetent and corrupt administration in our history.

What ever happened to the theory that cream rises?

[Clark2008]

10. LOL!!

As a Tennessean who never voted for Bill :scared: Frist, I love your sig pic!!

[peacetalksforall]

8. As much as I scream at our Dem leaders, I'm glad they didn't take the

bait to offer 'solutions'. Instead, they said there is nothing to solve (except for planning after 2042) and shut their mouth. Good show!

The bush handlers wanted Dems to present a plan so that they could cream it.

It makes you think/know that they had the plan graphed here the entire time.

Repubs: Keep bringing us the detail so that it can down in history to show if for what it is = a master plan for serfdom, heavy burdens, domestic imperialism, and a manisfestation of disdain for most of the citizens of the U.S.

[rocktivity]

9. The cutoff should be based on median household income

which is around $35K. People earning $20-35K are not middle income.

:headbang:
rocknation