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White House Plan To Add Additional $2.0 Trillion Worth Of Debt
W.House: Borrowing to Help Fund Social Security Plan
The White House said on Monday for the first time that President Bush's plan to add personal retirement accounts to Social Security would be financed in part by new government borrowing that could top $1 trillion.
Bush has made reform of the U.S. retirement program a top priority in his second term and will push for creating private accounts in a meeting later in the day with top congressional leaders.
Bush's economic advisers have been analyzing financing options for more than a year. But the White House, until now, had declined to say that borrowing would be used to cover the transition costs. Experts say Bush has few other options because of record federal budget deficits. The president has ruled out tax increases.
"There will be some upfront transition financing that will be needed to move toward a better system that will allow younger workers to invest a small portion of their own money into personal savings accounts," White House spokesman Scott McClellan said.
Asked if transition costs, estimated at between $1 trillion to $2 trillion, would be financed by government borrowing, he added: "That's what you're looking at doing as part of the transition to a better Social Security system."
I've never believed SS would be there when I retired. I'm not counting on a penny from it.
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We live in a world which is full of misery and ignorance, and the plain duty of each and all of us is to try to make the little corner he can influence somewhat less miserable and somewhat less ignorant than it was before he entered it.
At least Bush has got a plan and is trying to do something about it. We all know that if some changes aren't made, SS will self destruct. If someone had put this into effect 30 years ago, I'd be retired right now.
Absolutely, but if I had all the money I and my employer put into SS and had put that into an insurance annuity, all the money I lost in my 401K and IRA's from the stock market crash wouldn't have made any difference.
Absolutely, but if I had all the money I and my employer put into SS and had put that into an insurance annuity, all the money I lost in my 401K and IRA's from the stock market crash wouldn't have made any difference.
So taking on the additional debt isn't a concern at all?
Absolutely, but if I had all the money I and my employer put into SS and had put that into an insurance annuity, all the money I lost in my 401K and IRA's from the stock market crash wouldn't have made any difference.
Exectly. I hope this reform goes through and I can invest the money government is stealing from me right now, and put it in a Roth IRA.
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"Don't try to threaten me Mulder! I've watched presidents die."
"If people would know the things I know, we'd all fall apart."
"Once again, tonight, the course of human history will be set by two unknown men standing in the shadows."
Well, they are taking it out of my paycheck. It's my money, and government has no business taking it from me. I am not giving it to them, they are simply taking it from me.
I think that I should be able to invest the money I make in my own Roth IRA instead of Social Security.
__________________
"Don't try to threaten me Mulder! I've watched presidents die."
"If people would know the things I know, we'd all fall apart."
"Once again, tonight, the course of human history will be set by two unknown men standing in the shadows."
Well, they are taking it out of my paycheck. It's my money, and government has no business taking it from me. I am not giving it to them, they are simply taking it from me.
I think that I should be able to invest the money I make in my own Roth IRA instead of Social Security.
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