Bush Admits Today How he is SPENDING Our Social Security Contributions

[cthrumatrix]

http://www.whitehouse.gov/news/releases/2005/03/2005030...

snip>

If you look over here, in the '50s, 16 people were paying into the system to pay for one retiree. So if that person was to get $14,200, say, it would be $900 a payer. The system now is 3.3 people paying into the system. In a decade it's going to be two people paying in the system. Now, this is a pay-as-you-go system. In other words, it says when you retire, somebody is going to have to pay for your benefits. This is not a -- this is not a savings account. One of the myths of Social Security is that your money is going into it and the government is holding it and saving it for you. That's not the way it works. Your money is going into the system and it's getting spent -- some of it on retirement benefits, other parts on just general government. And there's an IOU, a paper IOU accumulating. But it's not just sitting there. There's not an account with your name that's saying, on behalf of you, the government has now got your money. That's not the way it works. So it's a pay-as-you-go. It goes in and goes out.

big snip>

Let me tell you why it makes sense to me that -- first of all, the government can't meet its promises. But one way for a younger worker to come close to what the government has promised is to be able to take a portion of the money and get a better rate of return on your own money than that which the Social Security system gets.

end


the same guy in 2000 who promised that all Soc Sec monies collected would be saved for Soc Sec....he spent it than and spent it NOW

i say impeachment hearings can begin

[aden_nak]

1. So if money put in is spent immediately, private accounts are bogus.

Because the money won't go into a private accout. It'll just get spent exactly like it is now. Unless, of course, we choose to either screw anyone who has already started paying in (or is already retired). . . or else just pay them out-of-pocket.

Hey George, I know your explanations don't normally make sense, but this one is a bit worse than usual.

[RobertSeattle]

2. And the other Lie: "THE PRESIDENT: In 2042, it goes broke"

Even if we keep the system as is, the worst case scenario is in 2042 70% of benefits are still paid.

BTW - you link didn't work for me-
http://www.whitehouse.gov/news/releases/2005/03/20050304-9.html

[Peggy Day]

3. foxnews.com vote for how Bush is handling the economy

You wouldn't believe how many are voting him an "A"
Makes me want to gag.
It's probably not possible to impeach him considering all the Rep that were placed in office.

[Mandate My Ass]

4. IOW: "Give it to Wall St or I'll spend it! It's up to you, ownership

society."

Holy crap, I think I'm having a cerebral hemorrhage.

[Stephanie]

5. how they freaking ridiculed the "lock box"

god I don't know how much more of this I can take

[Enquiringkitty]

6. If you borrow something that is against the rules in place to take and

never pay it back, without the consent of the people use use it....that is stealing. He just admitted that he has, does and will take money out of our retirement fund. The man can't even cover his own ass, how can we expect him to cover ours?