The SanityPrompt

This blog represents some small and occasional efforts to add a note of sanity to discussions of politics and policy. This blog best viewed with Internet Explorer @ 1024x768

Tuesday, April 05, 2005

Whoa Nelly! - Social Security Trust Fund a Fiction, Bush Says

Until now, bloggers have contented themselves with skewering Bush spokespeople such as the Treasury public affairs Secretary and associated hacks who parrot this line. But today, Bush, either because he read a newspaper or a briefing paper or overheard someone say it, finally adopted the line too. I can't tell if this is a calculated tact now adopted by the White House or a gaff. But I don't see how this helps their cause.

1) If Bush is correct, than I and millions of other workers want our money back because for the last two decades we have funded the general operations of this government and tax cuts for the wealthy through regressive payroll taxes that reduce our earned income up to $90,000 by 15%. I'll take that as a check thank you and you can finance it by restoring the capital gains tax to prior levels, the top tax rates, and eliminating the cap on social security wages subject to tax. You might as well cut my current social security tax to the proper rate which should be about 10% (5% for me, 5 for the employer) about now.

2) If Bush is correct then China and Japan should get out now and dump bonds because the billions of dollars of our debt they hold are also fictions.

3) If Bush is correct than paper money is worthless and we should all start bartering again.

4) If Bush is wrong then he is a dangerously ill informed leader jeopardizing our fiscal future and economic stability.

Gee -- which could it be?

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