Reply #38: Great find!! [View All]

[magellan]

Mr. (Dr.?) Smith is right on target with his well-written articles. I was most interested to learn the following:

1) In 1983, payroll taxes were increased to create a surplus. That surplus was specifically intended to cover the anticipated future shortfall caused by the babyboomers retiring...and would have done if not for the fact that:

2) Bush Sr. started raiding the accruing Trust Fund surplus and using it as general fund revenue in the late 80s. (Clinton continued this practice.) FEW AMERICANS KNEW ABOUT IT (I didn't at the time), though they should have been told; the government was, in effect, stealing money that was being involuntarily contributed by every worker for Social Security through FICA deductions, and using it on OTHER THINGS.

3) During the 2000 Presidential campaigns, first Gore, then Bush** pledged to protect the surplus from such raids.

During two 2001 radio addresses, Bush** further promised:

"My plan will keep all Social Security money in the Social Security system where it belongs,"

and

"We’re going to keep the promise of Social Security and keep the government from raiding the Social Security surplus,"

and from his Feb 2001 SotU:

"To make sure the retirement savings of America's seniors are not diverted in any other program, my budget protects all $2.6 trillion of the Social Security surplus for Social Security, and for Social Security alone."

Of course, these were just the first of many Bush** LIES.

Smith correctly defines what's happened since -- Bush**'s plundering of more than $600 billion of the Trust Fund surplus -- as not only a broken convenant with the American people but an illegal practice by the government as a whole. His solution echoes the very simple call many of us have been making repeatedly to Bush**:

If you want to save Social Security, stop spending the money we're contributing to our Trust Fund surplus and pay back the $1.7 Trillion the government has already stolen straight out of our pockets!!!

He goes on to say the surplus should then be invested in marketable Treasury bonds. "This alone will result in the trust fund holding $2 trillion in real assets by 2017."

There's a March '05 article from Forbes about Smith's sane perspective as well.

So, can we indict Bush** yet??? PERP WALK!! PERP WALK!!!