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Treasury Bonds do not a Trust Fund make (Press Conference)
Apr. 28, 2005 George W. Bush
...we've got a lot of debt out there, a lot of unfunded liabilities....
Our system here is called pay-as-you-go. You pay into the system through your payroll taxes, and the government spends it. It spends the money on the current retirees, and with the money left over, it funds other government programs. And all that's left behind is file cabinets full of IOUs.
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Treasury Bonds make a private account (Same Press Conference)
Apr. 28, 2005 George W. Bush
Third, any reform of Social Security must replace the empty promises being made to younger workers with real assets, real money.
I know some Americans have reservations about investing in the stock market, so I propose that one investment option consist entirely of Treasury bonds, (emphasis added) which are backed by the full faith and credit of the United States government.
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There Is No Problem at Least for Many Years After 2018
Apr. 26, 2005 George W. Bush
"If you've retired, if you were born prior to 1950, the [Social Security] system will take care of you. You don't have a thing to worry about. I don't care what the pamphlets say, or the radio ads say, or the scare tactics say, you're in good shape."
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There Is No Trust Fund
Apr. 5, 2005 George W. Bush
You see, a lot of people in America think there's a trust, in this sense, that we take your money through payroll taxes, and then we hold it for you, and then when you retire, we give it back to you. But that's not the way it works. There is no trust fund, just IOUs that I saw firsthand, that future generations will pay.
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I will 'keep the Government from raiding the Social Security suplus.'
Mar. 3, 2001 George W. Bush
We're going to keep the promise of Social Security and keep the Government from raiding the Social Security surplus.
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'Federal Surplus Is Locked Away'
May 15, 2000 George W. Bush
"Second, all social security funds in the federal surplus must stay where they belong dedicated to social security. In my economic plan, more than $2 trillion of the federal surplus is locked away for social security. For years, politicians in both parties have dipped into the trust fund to pay for more spending. And I will stop it."
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Gingrich Against Medicare
Oct. 24, 1995 Newt Gingrich, then Speaker of the House
"We don't get rid of [traditional Medicare] in round one because we don't think that would be politically smart and we don't think that's the right way to go through a transition. But we believe it's going to wither on the vine because we think people are going to voluntarily leave it - voluntarily."
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We Need a Crisis to for 'a radical reform of Social Security'
1983 the Cato Journal
"The next Social Security crisis may be further away than many people believe. ... it could be many years before the conditions are such that a radical reform of Social Security is possible. But then, as Lenin well knew, to be a successful revolutionary, one must also be patient and consistently plan for real reform." [Emphasis added.] From the the origninal Cato/Heritage privatization strategy.
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Radical Republicans have long thought Social Security a 'Hoax'
Sep. 27, 1936 Alfred Landon, 1936 Republican presidential candidate
[Social Security] is a “fraud on the working man The saving it forces on our workers is a cruel hoax.” Campaign speech.
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Republicans Against Medicare
Jul. 9, 1965 Senator Karl Mundt
"No one can doubt for a minute that this is simply another step toward the neutralization of private responsibility which will eventually end when the Government assumes complete control over the destinies of all of our citizens from the cradle to the grave. The principle established here, when carried to its logical conclusion cannot fail also to be damaging to two segments of our free enterprise system - our physicians and our insurance industry."
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Reagan wanted to privatize Social Security to end it.
2005
I have no doubt that he shared the view that Social Security was a Ponzi scheme. He was intrigued with the idea of a voluntary plan that would have allowed workers to make their own investments. This idea would have undermined the system by depriving Social Security of the contributions of millions of the nation’s highest-paid workers. In 1976 he said that Social Security “could have made a provision for those who could do better on their own” and suggested that such recipients be allowed to leave the program upon showing that 'they had made provisions for their non-earning years.'
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The Government Will Cover Social Security Liability with Treasury Securities
Apr. 27, 2001 Alan Greenspan, Chairman, Federal Reserve Board
When the baby boom generation retires, and as the population subsequently ages further, these contingent liabilities [Social Security] will come due and--barring an offsetting surplus in the remainder of the government’s budget--will be met by the issuance of Treasury securities, shifting much of total federal liabilities from contingent liability to debt to the public. At that point, of course, the unified budget will be in deficit.
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http://zfacts.com/p/481.html | 01/18/12 07:18 GMT
Modified: Mon, 17 Apr 2006 05:43:56 GMT
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