Snap, girlfriend!
Economic Experts, let’s get ready to rumble!
Council of Economic Advisors, February 2005:
Likewise, Social Security will begin to incur annual operating “losses” in 2018, when its outlays first exceed its tax revenues. To cover the shortfall and to “stay open,” Social Security will use up its Trust Fund (or draw down its bank account) from 2018 to 2042. [Emphasis added, existence of the trust fund in the original.]
But does the CEA have the economic expertise of, say, Scooby McClellan, who offered the following this morning:
In terms of the tour today, that’s one of the things that the President is going to highlight in his remarks at West Virginia University. He’s going to talk about the Social Security trust fund and how there really is not a trust fund.
Later on, the President will talk about Iraq’s Weapons of Mass Destruction and how there really are not any.
Remember, the Republicans have a plan for Social Security. The Democrats don’t.
Just keep in mind, however, Bush’s “plan” isn’t really a plan…
If there’s no SS Trust Fund, why are they currently collecting more current SS taxes than they need currently? If Bush truly believes that there is no Trust Fund, he should have cut back on the FICA rate his first day in office. Some might say that that would have inflated the Deficit, but maybe there isn’t really a Deficit either.
Black is the new white.
The only way there could “be no trustfund” is if the U.S. government decides not to repay its bonds. Needless to say, that would cause mass chaos.
Your website looks like it was funded by all of the Democrats who’re out of work right now. I know, I know, this is probably all they could afford, seeing as how they don’t have jobs. But still, it honestly looks like you guys threw this piece of crap together on Microsoft Word. Well done, gentlemen.
To cover the shortfall and to “stay open,” Social Security will use up its Trust Fund (or draw down its bank account) from 2018 to 2042.
Isn’t the purpose for having a trust fund to be able to draw on it?
Or did Greenspan et al raise social security taxes starting in 1983 (to put in the trust fund) to merely try to mask Reagan’s burgeoning deficits?
Not only is there no social security trust fund, but I hear that if you go to your bank and ask to see your life savings, they won’t put on glittering costumes and wheel out a barrowful of gleaming gold coins. Someone oughta tell the President before all our illusions are shattered.
What will the Chinese say when we tell them that all the U.S. bonds they bought are just worthless pieces of paper?