CNN Fact Check: Bush on Social Security

[struggle4progress]

Friday, March 4, 2005 Posted: 7:02 PM EST (0002 GMT)
Editor's Note: This fact check was researched by the CNN Political Unit.


President Bush explains his Social Security plan Friday in New Jersey.

<snip> CNN Fact Check: The statement is misleading. The president says the money from the private account is an "add-on" to the traditional plan, which implies that a retiree under this plan would receive the same check he or she would normally get under the current system, and additional money from a private account. That is incorrect. <snip>

CNN Fact Check: That is only partially true. The president does not mention that only part of the money in a private retirement account can be passed on to others as an inheritance. <snip>

CNN Fact Check: The president incorrectly suggests that the young workers of today will face an $11 trillion Social Security shortfall if the program continues on its current course. <snip>

http://www.cnn.com/2005/ALLPOLITICS/03/04/social.security.factcheck/

[babylonsister]

1. What's really amazing is that CNN is even

thinking about checking the facts! This thread could be popular in GD/P if you feel so inclined or haven't done so already.

[Jackpine Radical]

2. Sounds like it's about time Unka Karl

sent a couple of the boys around to talk to the CNN producers about kneecaps & such.

[doodadem]

3. Dubya explains Social Security in Florida

-- Dubya explains the virtues of his Social Security plan, Tampa,
Florida, Feb. 4, 2005

WOMAN IN AUDIENCE: "I don't really understand. How is it the new plan is going to fix the problem?"

GEORGE W. BUSH: "Because the -- all which is on the table begins to
address the big cost drivers. For example, how benefits are calculated,for example, is on the table. Whether or not benefits rise based upon wage increases or price increases. There's a series of parts of the formula that are being considered. And when you couple that, those different cost drivers, affecting those -- changing those with personal accounts, the idea is to get
what has been promised more likely to be -- or closer delivered to what has been promised. Does that make any sense to you? It's kind of muddled.
Look, there's a series of things that cause the -- like, for example, benefits are calculated based upon the increase of wages, as opposed to the increase of prices. Some have suggested that we calculate -- the benefits will rise based upon inflation, as opposed to wage increases. There is a reform that would help solve the red if that were put into effect. In other words, how fast benefits grow, how fast the promised benefits grow, if those -- if
that growth is affected, it will help on the red."

Leader of the free world...paragon of wisdom....silver tongued devil........

[demosincebirth]

4. He's so full of shit.

SS raises are calculated from inflation not wages.