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- Subscribe - Contact Us - Rate Card - Place an Ad Archives Revels Classifieds Real Estate Guide Weather Subscribe Contact Us March 28, 2005 Bush causing one 'crisis' to cover up many more By Gerald Cavanaugh Ashland In "Confusions About Social Security," (The Economists' Voice, 2005), Paul Krugman writes: "Privatizers won't take yes for an answer when it comes to the sustainability of Social Security." Certain salient points need to be made and, apparently, reiterated again and again in regard to the Social Security system. A recent letter writer (Mar. 18, "Social Security is in crisis") insists that there is nothing in the trust fund but IOUs. And therefore ...? Well, something has to be done to "fix" the Social Security System because apparently, the U.S. government is prepared to default on that huge amount of money borrowed from the system by feckless presidents allergic to tax increases on rich people and profitable corporations. Which is why Mr. Bush and other fake Henny Pennies keep pointing to the year 2018 when Social Security will begin drawing down the trust fund money in order fully to maintain retiree and other benefits. As it is, the trust fund will help to pay full benefits until sometime between 2042 and 2052 depending on which assumptions one chooses. So, why is there "crisis," a term that entails an immediate reaction? There are two main reasons: 1) the Republicans hate Social Security and want to destroy it; 2) if they don't default on those "IOUs," they will have to either raise taxes on their "base" or shut down the Porkagon, that is, their military contractor donors. Social Security is the only government program now operating that is in surplus. The Federal budget as a whole is a deliberately constructed shambles of deficits, deficit spending, and pie-in-the-sky fiscal delusions. While reassuring other bondholders (China, Japan, and South Korea, for example) that their bonds are as a solid as a dollar(!), Mr. Bush could default on the trust fund bonds, backed though they are by the "good faith and trust of the American government." People in my demographic will almost certainly not live long enough to see that swindle perpetrated. Too bad: it would be a sight to behold. Of course Dubya will be safely holed up in Crawford by then. (On the "default option," see Dean Baker, "Defaulting on the Social Security Trust Fund: What It Would Mean, And How it Would Be Done," CEPR Issue Brief (Mar. 9), at http://ceprnews.c.topica.com/maadgVUabeWLebfM7Y7bafpNFx/ DailyTidings.com Home Page Archives | Revels | Classifieds | Real Estate Guide | Weather | Subscribe | Contact Us Copyright 2005 Ashland Daily Tidings and Ottaway Newspapers All Rights Reserved Slippers Women's & Men's Slippers Ceramic Piggy Banks heloc libor rate Calenders 2005 Calender 2005 Accelerate Weightloss Products Memory Foam Mattress afsa studentloans home equity loans teleconferencing W2 Forms fasa student loans Matchmaking & Dating Scripts African Safari Conference Calls - $50/Month Security Systems student loan consolidation wholesale diamonds Currancy Exchange Online Casinos Community Fasa Student Loans Click Here Site Search: .:Advertisements:. RESOURCES - Mail Tribune News - ODOT Road Cams