Boozman On Ryan's Social Security Plan: 'We Are Considering All Proposals'

[Hannah Bell]

As we look into which Republicans support Rep. Paul Ryan's (R-WI) budget plan -- especially the parts that would partially privatize Social Security and dismantle Medicare -- we now have Rep. John Boozman (R-AR) on the record.

"Social Security and Medicare face great challenges and we are considering all proposals to make these programs successful for future generations. I haven't cosponsored any legislation at this point but when I do it will be a plan that is supported by the people of Arkansas," he said in a statement to TPMDC.

Although Ryan's "roadmap" is not the official budget, he is the ranking member of the House Budget Committee.

http://tpmdc.talkingpointsmemo.com/2010/02/boozman-on-ryans-social-security-plan-we-are-considering-all-proposals.php


My tentative guess: Ryan's roadmap, which = partial privatization, is the "boogieman" option that will be used to sell the public on the supposedly "less radical" option of a combination of benefit cuts & tax hikes.

For years the propaganda has gone out: "There's nothing real in the Trust Fund!"

Now they're trying to make it a fait accompli, by reducing benefits & raising contributions - in essence, making WORKERS REPAY the fund in the form of payroll tax increases & diminished benefits.

So the sociopathic top 5% who "borrowed" 1 trillion from the Trust Fund in the form of tax cuts will never have to repay it. Over HALF the Trust Fund debt was run up during the criminal administration of george bush the younger, & that's what his fucking tax cuts were financed with.

I hope you'll call your reps & the white house.

[Sherman A1]

1. Thanks for Posting

The first place to start with fixing SS is to take off the earnings cap (or whatever they call it). In other words if you make a dollar, you pay a % of that into the fund no matter if it is the first dollar or the 80 kazillionth one, no more free ride for the rich kids. I think it should also apply to financial instrument transactions like the profitable sale of stocks, mutual funds & bonds by individuals. An incremental and significant reduction in defense spending should be funneled into a jobs program of energy self sufficiency that will help rebuild the economy creating wealth for the lower and middle classes (and thereby everyone).

[Hannah Bell]

2. That sounds like a good idea, but it's not. There's already 2.5 trillion in government bonds

sitting in the Social Security Trust Fund. Drawing it down keeps SS in fine shape until around 2040, by which time most of the boomers are dead.

Raising the cap just keeps surplus collection of SS taxes going, creating an even bigger Trust Fund & thus a bigger political problem in the future.

Furthermore, more than half of the SS Trust fund was amassed during the reign of bush II. One trillion of extra SS taxes were collected by the SS administration & borrowed into the general budget in exchange for government securities.

Then Bush gave out his income tax cuts. 60% of them, close to one trillion to date, went to the top 5%. Much of the top 5% -- e.g. the Walmart Waltons, Bill Gates, et al - DON'T PAY SOCIAL SECURITY TAXES BECAUSE THEY DON'T WORK FOR WAGES. But they DO pay income taxes, & they made out like bandits from Bush's tax cuts.

The Bush tax cuts on the top 5% need to be rescinded & that new revenue needs to be directed to paying down Social Security.

That should be the first order of business. Anything that helps them AVOID it is (IMO) in aid of theft.

Social Security's funding formula has worked fine for 60 years. The more they mess with it, the worse things get. Pay down the Trust Fund & reassess the situation in twenty-five years. The economic picture may be entirely different than present forecasts predict.

It's ridiculous to collect money now to pay for retirees in 2040. It only gives them more money to "borrow" -- & possibly never repay.

Social Security's finances can be reassessed around 2035.

[Sherman A1]

3. Don't disagree with your idea

The funds could be secured (I know it would be politically difficult for our Congress Critters to keep their hands off, but it could be done, won't be, but could) and I believe that more is better. Perhaps we could buy something with the money like Sweden or pick up a deal on Greece right now. My point as I am sure you understood is to take away some of the ill gotten gains that our elite have taken from us over these last 30+ years. I believe you are right in your methods, we both just want our money back.