WP: Panel to Start Writing Social Security Bill

[Pirate Smile]

Panel to Start Writing Social Security Bill
Both Sides of Personal Account Debate Gird for Battle at Finance Committee

By Jonathan Weisman
Washington Post Staff Writer
Sunday, April 24, 2005; Page A04

Five months after President Bush launched his drive to overhaul Social Security, the difficult, if not impossible, task of drafting legislation begins Tuesday when the Senate Finance Committee holds the first hearing on options to secure Social Security's future.

With a cast of Social Security experts well-known in policy circles, the actual hearing is unlikely to produce fireworks. But outside the hearing room, both sides of the Social Security divide are treating the event like a turning point in the war over Social Security's future.

"This is opening salvo in the Congress, and we intend to meet him toe to toe," said Eleanor Holmes Norton (D), the District of Columbia's delegate to the House.

Liberal activists opposed to Bush's proposal to add private investment accounts to the system plan to canvass Metro stations, farmers markets and other public sites all weekend. Tomorrow, they plan a Capitol Hill news conference with self-identified Republican voters who oppose personal accounts. In New York, Democratic senators and a bevy of Wall Street executives are to highlight what they perceive as the danger of investing Social Security payroll taxes in stocks.

http://www.washingtonpost.com/wp-dyn/articles/A12498-2005Apr23.html

[rodeodance]

1. the Dems best have a steel toe!!

....."This is opening salvo in the Congress, and we intend to meet him toe to toe," said Eleanor Holmes Norton (D), the District of Columbia's delegate to the House.

[bluestateguy]

2. It's time for them to put up or shut up

I welcome this.

Put all their plans in writing, what they want to do to Social Security.

Bring it on.

[lovuian]

3. I thought it was Dead!!! Dang its a Ressurection in two minutes!!!

Up Down and all around!!!

[patricia92243]

6. It has never been dead, nor will it be. The bill will be written up and

if it doesn't pass in Congress, Bush will make it law by signing it into use with his "Executive Order" privilege.

Mark my words on this!!

[aquart]

4. Another moronic, evil, unread bill

Which will pass at midnight like a bad meal?

[Stinky The Clown]

5. This little gem jumped out at me .......

..... news conference with self-identified Republican voters ......

Have the media ever referred to "self identified Democrats" when they get asshats to stand up for the chief asshole?

Fuck these media whores .... :grr:

[snippy]

7. Democrats should start demanding that the very first thing to be done

about Social Security must be preventing Bush and the republican Congress from continuing to spend the Social Security annual surplus. It should be invested by the Social Security administration in a single trust fund account which holds broad stock and bond index funds. Unlike Bush's plan, this would improve the solvency of the trust fund. It also would reveal the true deficit that Bush and the republican Congress are running up.

The republicans would howl with outrage but their only defense would be that every president and Congress have done it. But the democrats can easily argue that Bush's incessant complaints about the upcoming insolvency of the trust fund show that it is finally time to stop this practice. This would turn Bush's argument for privateering Social Security against him. He and other republicans would shit their pants.

Democrats also need to stand firm that Social Security retain its defined benefit status to truly continue as a retirement insurance plan. Only some form of a defined benefit plan can provide an adequate minimum guaranteed amount to all retirees.

Some combination of increased revenue and decreased outlays together with some type of "add on" accounts may have to be agreed to in the future, but for now democrats should limit themselves to talking about stopping Bush from continuing to loot the trust fund and about maintaining Social Security as a defined benefit plan with a guaranteed minimum benefit above the poverty level.

[annabanana]

8. Great post!

This will take the "save Social Security" language completely AWAY from them. It will also throw into high relief the damage that private accounts will pile onto the existing looting.

[dkofos]

10. I agree with keeping the surplus out of the general revenue stream,

and investing the money in a mix of stocks and bonds.
Then, eliminate the cap and SS should be in good shape.

So simple

But don't look for simple from the repugs.
Just keep the vasoline handy and bend over.

[Daphne08]

9. Republicans will pay for this!!