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POLITICS: Democrat Backs Social Security Overhaul

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posted on Dec, 8 2004 @ 02:08 AM
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The first Democrat has crossed party lines and will support the bush administrations proposal to privatize part of Social Security. Disappointing the House Democratic leadership, Representative Allen Boyd of Florida, stated that he was willing to work across party lines to repair social security. The Bush plan would invest some of contributors social security taxes in the stock market. The near term shortfall would have to be made up by borrowing.

 



news.yahoo.com
WASHINGTON - President Bush's call for private accounts within Social Security drew an early expression of bipartisan support Tuesday when Florida Rep. Allen Boyd stepped forward to the disappointment of Democratic leaders.

There are some of us who are willing to work across party lines" on legislation to repair Social Security's solvency, he said.

"This is the only bipartisan bill that I know of," Boyd added at a news conference where he said he would serve as the chief Democratic supporter of legislation drafted by Republican Rep. Jim Kolbe of Arizona.

"Bipartisanship is absolutely essential.... It's too easy to demagogue this for one side or the other," added Kolbe.


Please visit the link provided for the complete story.


The privatization of the system will have some long term benefits. I am 35 and both my wife and I have save into out 401K’s very diligently along with funding our Roths to the maximum we can each year. I am afraid that if something is not done to deal with the impending solvency issue, all the taxes I have put into the system will amount to nothing. I will be penalized for my diligent retirement savings. Clearly other changes will be needed to the system as well. While its political suicide, the boomers may have to deal with a reduced benefit level to help meet the shortfalls.




posted on Dec, 8 2004 @ 04:14 AM
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Republicans and the Bush administration are bleeding badly on Social Security from scores of self-inflicted wounds by some members of Congress, as well as low-level staffers and political appointees who can't see beyond their green eyeshades. By insisting that any reform of Social Security involving the creation of personal retirement accounts must be accompanied by benefit cuts, tax increases and/or hikes in the retirement age, these Washington functionaries are draining personal accounts of their vitality, jeopardizing Social Security reform and ultimately endangering the Republican congressional majority.

[url=http://www.freedomworks.org/informed/issues_template.php?issue_id=2146]http://www.freedomworks.org/informed/issues_template.php?issue_id=2146[/ur l]

Tom Davis, R-Va., has gone so far as to announce that the president has a problem getting this through. Furthermore, Davis estimates that roughly 30 House Republicans, including himself, are inclined to oppose Social Security reform - more than enough defections to scuttle legislation and certainly enough to embolden "do-nothing" Democrats to dig in their heels, which is precisely what they are doing.

Rather than John Kerry's defeat enticing some courageous Moynihan Democrats to step to the fore on Social Security, Republican pandering on tax increases, limiting the size of personal accounts, cutting benefits and raising the retirement age have only emboldened Democrats to adopt a head-in-the-sand attitude on Social Security. Word is circulating that Democrats now have visions of turning personal retirement accounts into President Bush's "HillaryCare." Who can blame them? When they smell weakness within Republican ranks, even thoughtful Democrats can't be blamed for calculating they can let the Republicans self-destruct, deprive Bush of the credit for reforming Social Security and come back in four years to take credit themselves.



posted on Dec, 8 2004 @ 04:14 AM
link   
Republicans and the Bush administration are bleeding badly on Social Security from scores of self-inflicted wounds by some members of Congress, as well as low-level staffers and political appointees who can't see beyond their green eyeshades. By insisting that any reform of Social Security involving the creation of personal retirement accounts must be accompanied by benefit cuts, tax increases and/or hikes in the retirement age, these Washington functionaries are draining personal accounts of their vitality, jeopardizing Social Security reform and ultimately endangering the Republican congressional majority.

[url=http://www.freedomworks.org/informed/issues_template.php?issue_id=2146]http://www.freedomworks.org/informed/issues_template.php?issue_id=2146[/ur l]

Tom Davis, R-Va., has gone so far as to announce that the president has a problem getting this through. Furthermore, Davis estimates that roughly 30 House Republicans, including himself, are inclined to oppose Social Security reform - more than enough defections to scuttle legislation and certainly enough to embolden "do-nothing" Democrats to dig in their heels, which is precisely what they are doing.

Rather than John Kerry's defeat enticing some courageous Moynihan Democrats to step to the fore on Social Security, Republican pandering on tax increases, limiting the size of personal accounts, cutting benefits and raising the retirement age have only emboldened Democrats to adopt a head-in-the-sand attitude on Social Security. Word is circulating that Democrats now have visions of turning personal retirement accounts into President Bush's "HillaryCare." Who can blame them? When they smell weakness within Republican ranks, even thoughtful Democrats can't be blamed for calculating they can let the Republicans self-destruct, deprive Bush of the credit for reforming Social Security and come back in four years to take credit themselves.



posted on Dec, 8 2004 @ 10:43 AM
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I bet Wall Street can't wait to get a hold of our retirement money. I wonder how long it will take till someone on Wall Street figures out how to steal it.



posted on Dec, 8 2004 @ 03:20 PM
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If you are a babyboomer, especially a late babyboomer, you can kiss your SS checks goodbye.

Without this SS would probably have to be whittled back anyway, With a 1 or 2 trillion dollar overhead for this you are totally scr*wed.

Yes the fat cat [criminals] on Wall Street are drooling and licking their chops right now. [pass that retiree's arm won't you? Thanks ever so much. *chomp* *chomp* ]
.



posted on Dec, 9 2004 @ 01:11 AM
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Originally posted by slank
If you are a babyboomer, especially a late babyboomer, you can kiss your SS checks goodbye..


I think we all can. My retirment age was moved to 67 and I have no doubt it will be somewhere to the north of 70 when I retire. No party wants to make the needed changes because its political suicide.



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