Stop Bush's $2 Trillion Social Security Boondoggle
Stop Bush's $2 Trillion Social Security Boondoggle
President Bush's top priority for his second term -- privatizing Social Security -- is likely to be even more expensive than his invasion of Iraq and his tax cuts for the highest income taxpayers. It should be stopped before it starts, but momentum is building as an unholy alliance of Wall Street lobbyists and right-wing ideologues plot the demise of Social Security as we know it.
In the guise of reform, Mr. Bush wants to divert a portion of today's payroll taxes and let individual participants invest them through Wall Street. Because those payroll taxes are already being used in part to support today's retirees, most nonpartisan observers estimate that this transition would require as much as $2 trillion in additional Federal borrowing.
http://www.workingforchange.com/activism/action.cfm?itemid=18183
President Bush's top priority for his second term -- privatizing Social Security -- is likely to be even more expensive than his invasion of Iraq and his tax cuts for the highest income taxpayers. It should be stopped before it starts, but momentum is building as an unholy alliance of Wall Street lobbyists and right-wing ideologues plot the demise of Social Security as we know it.
In the guise of reform, Mr. Bush wants to divert a portion of today's payroll taxes and let individual participants invest them through Wall Street. Because those payroll taxes are already being used in part to support today's retirees, most nonpartisan observers estimate that this transition would require as much as $2 trillion in additional Federal borrowing.
http://www.workingforchange.com/activism/action.cfm?itemid=18183