Tuesday, December 07, 2004Oh yeah, all that stuff about privatizing social security and making it revenue neutral? Um....that was wrong.From the Center for American Progress: On Monday, the White House said for the first time that President Bush's plan to privatize social security would be "financed in part by new government borrowing that could top $1 trillion." That money will make it difficult for President Bush to honor his campaign pledge to cut the deficit in half. The White House had "once hoped that budget surpluses, projected in 2000 at $5.6 trillion over 10 years, would fund the transition period," but under the Bush administration, "those surpluses have vanished." Last week, White House economic adviser N. Gregory Mankiw admitted President Bush's plan would also "include major cuts in guaranteed benefits for future retirees." Mankiw "flatly rejected raising taxes" as a way to improve benefits for the elderly. UPDATE: A quick run-down on Social Security. posted by chris at 2:06 PM ------------------ |
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