| Topic: |
Politics > Politics-USA |
| User: |
"bigbob" |
| Date: |
10 Sep 2006 11:59:33 AM |
| Object: |
Bush to phase out Social Security in 2007 if GOP keeps Congress |
Bush wants to renew Social Security push after vote
Sat Sep 9, 2006 2:59 PM ET
WASHINGTON (Reuters) - President George W. Bush hopes to revive his
plan to overhaul the U.S. Social Security retirement program if his
Republican party keeps control of the Congress in the November midterm
elections, the Wall Street Journal reported on Saturday.
Despite polls suggesting Democrats have their best chance in years to
regain control of the House of Representatives, Bush told the
newspaper in an interview he was confident a power shift was "not
going to happen."
"I just don't believe it," he said, adding that if Republicans prevail
at the polls, next year might be a good time to reintroduce the effort
to reshape Social Security because he could "drain the politics out of
the issue."
Bush was forced to abandoned his 2005 push to add private accounts to
the retirement program, in part because of concerns among Republicans
that the unpopular plan would jeopardize their chances in this year's
elections.
Some Democrats have emphasized the Social Security reform plan in
their campaign to oust Republican incumbents in November, contending
it would inject too much risk into the program and push the government
deeper into debt.
Bush made Social Security investment accounts a top domestic priority
for his second term.
.
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| User: "Ken Lovering" |
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| Title: Re: Bush to phase out Social Security in 2007 if GOP keeps Congress |
10 Sep 2006 12:11:41 PM |
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Social Security has a trust fund of over 1.9 trillion dollars. It will have
over 3 trillion dollars in 2025 and is not expected to drain that fund until
after 2045. Also, everytime Social Security does another estimate, the year
the expect it to go broke extends further out.
With a slight increase in the tax that could extend that well beyond 2045
and even keep it from going broke. Once the baby boomers have died, the
program is self sufficient.
The problem is that the trust fund "loaned" all the money to the General
Fund and starting in 2025, Congress will have to go out borrow the money
from the public to start paying it back.
"bigbob" <bigbob@some.biz> wrote in message
news:t2h8g2tis0pfpl729k99nurh4e6ntc0gtj@4ax.com...
Bush wants to renew Social Security push after vote
Sat Sep 9, 2006 2:59 PM ET
WASHINGTON (Reuters) - President George W. Bush hopes to revive his
plan to overhaul the U.S. Social Security retirement program if his
Republican party keeps control of the Congress in the November midterm
elections, the Wall Street Journal reported on Saturday.
Despite polls suggesting Democrats have their best chance in years to
regain control of the House of Representatives, Bush told the
newspaper in an interview he was confident a power shift was "not
going to happen."
"I just don't believe it," he said, adding that if Republicans prevail
at the polls, next year might be a good time to reintroduce the effort
to reshape Social Security because he could "drain the politics out of
the issue."
Bush was forced to abandoned his 2005 push to add private accounts to
the retirement program, in part because of concerns among Republicans
that the unpopular plan would jeopardize their chances in this year's
elections.
Some Democrats have emphasized the Social Security reform plan in
their campaign to oust Republican incumbents in November, contending
it would inject too much risk into the program and push the government
deeper into debt.
Bush made Social Security investment accounts a top domestic priority
for his second term.
.
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