World's largest bond fund manager Gross says fix deficit - not Soc Sec

[papau]

http://money.cnn.com/2005/02/04/markets/gross_social_security/index.htm

Gross criticizes Social Security plan

Manager of biggest bond fund contends individual accounts not the answer, wants deficit reduction.
February 4, 2005: 8:13 AM EST

NEW YORK (CNN/Money) - Bill Gross, manager of the world's largest bond fund, is criticizing President Bush's plan to privatize part of Social Security.

Gross, managing director at Pimco, called the argument about the solvency of Social Security "silly" and said it was an example of the president not focusing on more important issues, such as the budget deficit.

The president's argument for individual Social Security accounts is meant "to promote an agenda that has little to do with seniors and more to do with Bush, his ownership society, and ultimately his domestic legacy alongside the likes of Ronald Reagan and FDR," Gross wrote in comments posted on Pimco's Web site.

"Without a blockbuster of a program in his second term it is unlikely that Bush can go very far in the history books on the back of a paltry 3 or 4 percentage point tax cut for the rich," Gross wrote.

"Presto!" he continued. "We now have partial privatization of Social Security heading the agenda upon which the president intends to spend his well-advertised political capital."

But while the president says that will help fix Social Security, "the problem has more to do with demographics than the lack of ownership," Gross wrote.

Gross argued that it will take more than individual Social Security accounts to correct a projected shortfall and suggested the government should focus on cutting the budget deficit instead. <snip>

While the president offered new details of how individual accounts would work in his address, he did not address many outstanding issues. For more on those questions, click here http://money.cnn.com/2005/02/02/retirement/stofunion_socsec/index.htm

[liberal N proud]

1. bu$h's megalomaniac tendencies is what is about

The president's argument for individual Social Security accounts is meant "to promote an agenda that has little to do with seniors and more to do with Bush, his ownership society, and ultimately his domestic legacy alongside the likes of Ronald Reagan and FDR," Gross wrote in comments posted on Pimco's Web site.

"Without a blockbuster of a program in his second term it is unlikely that Bush can go very far in the history books on the back of a paltry 3 or 4 percentage point tax cut for the rich,"


The bonus is the profit for his friends.

[Skink]

3. But isn't everyone excited...

about the possibility of a new way to subvert the death tax. Put your hard earned monies into our accounts then when you die you can pass it on tax free to your kids.

[liberal N proud]

4. I hope you are being sarcastic

[papau]

6. Skink - the pass on to heirs replaced a much larger heir benefit -and then

really isn't a pass on as Bush takes the money back if you die after retirement.

[indepat]

2. How could any sane, logical person disagree?

[Turbineguy]

5. Well yes,

why is it that "Wall Street" who stand to made billions in fees and commissions off this scam aren't embracing it?

Could it be that they see that Bush's cure is worse than the disease?

The big money boys like their profits but do not embrace destroying the economy.