Thursday, May 05, 2005

Molly Ivins weighs in on Bush & Social Security

Go read Molly Ivins.

She's always good, and usually correct. This time she is both. But especially, read her description of the "Clawback."

If you ever felt like the promises of the private accounts that "you own and can leave to your children" are too good to be true - they are. And the reason is the "Clawback."

Just remember. If Bush is going to let you place a third of your FICA taxes into a private account, that money has to come from somewhere. Either it will be borrowed (in which cans it has to be paid back - hence the "Clawback") or taxes have to be raised immediately by one-third to cover the additional expense.

There is no free lunch. You (and I) WILL pay for Bush's extravagances. Let's not let his destruction of the Social Security System add $ trillions to the bill.


At 6:53 AM, Blogger ttwii said...

I don't know what to believe about the Social Security system, but I do know that no one is talking about the Federal and State employee pensions. Doesn't that system also have to change?

What I see now is that You (and I) will have to pay for companies that go bankrupt pensions, federal employee pensions, state employee pensions and my own. (I probably missed a few...)


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