Friday, February 04, 2005

 

President Clinton On Social Security

Here is what President Clinton said in his 1999 State of the Union address about Social Security. The Republicans did not "boo" the president:
Today, Social Security is strong. But by 2013, payroll taxes will no longer be sufficient to cover monthly payments. And by 2032, the trust fund will be exhausted, and Social Security will be unable to pay out the full benefits older Americans have been promised.

The best way to keep Social Security a rock-solid guarantee is not to make drastic cuts in benefits; not to raise payroll tax rates; and not to drain resources from Social Security in the name of saving it.

Instead, I propose that we make the historic decision to invest the surplus to save Social Security.

Specifically, I propose that we commit 60 percent of the budget surplus for the next 15 years to Social Security, investing a small portion in the private sector just as any private or state government pension would do. This will earn a higher return and keep Social Security sound for 55 years.

Notice he wants to invest some of the money because it will earn a higher return and help keep Social Security sound. When he said this is 1999 the Democrats cheered, but this year they booed; proving once again that they would gladly sacrifice Social Security for partisan gain.
Comments:
Of course, Clinton wanted to invest the SURPLUS, which Bush has since squandered with international adventurism and tax cuts. Bush has proposed cutting benefits (Clintson said he wouldn't), and taking money from the social security TRUST FUND for private accounts -- if Clinton proposed that, he'd have been booed, too.
 
Dang! That's what I was going to say, and Gritsforbreakfast beat me to it.
I sure miss those golden days when we actually had budget surpluses that you could use for things like bolstering Social Security. Unfortunately, those days are long gone since Bush squandered the surplus by doling out tax cuts to his wealthy campaign contributors.
It's one thing to propose taking a risk with surplus funds, because if it doesn't work out the workers still have their guaranteed income to fall back on. Not so under the Bush scheme. If the stock market tanks, you're out of luck! Thanks, Mr. President!
 
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