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:: Sunday, January 23, 2005 ::
Bush Drives to Privatize Social Security By Scaring Americans and Hiding Truth LaborTalk By Harry Kelber
Bush’s tactic is to create public fear that the Social Security system is heading for bankruptcy unless Congress acts immediately to accept his plan. The White House claque, with the support of the right-wing media, are trying to frighten young workers and retirees to believe that the agency, which has never missed a monthly payroll in 63 years, is “on the verge of collapse,” a “train wreck”, “the Titanic headed toward the iceberg.” (It’s a tactic Bush used successfully in getting Congress to approve his invasion of Iraq.)
Actually, the Social Security system is fully solvent until 2042 and can pay full benefits. It is still generating surpluses of $165 billion annually into the Trust Fund, from which the government is borrowing to pay its bills. A $3.7 trillion shortfall may occur in the next 75 years, in part because of a tidal wave of retirements by the Baby Boomers and also by pessimistic projections of a slowdown in economic and population growth.------------------------------------------- posted 2:45 PM :: reference link ::
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