Saturday, December 11, 2004

President Liar

What will we tell the children?

The system is headed towards bankruptcy down the road," Bush said in his weekly radio address. "If we do not act soon, Social Security will not be there for our children and grandchildren."

No, it is not "headed towards bankruptcy." At worst, if zero changes are made andpessimistic growth assumptions come true, at some point around 2045 (depending on which estimate), the system is predicted to only be able to pay out 75% of promised benefits. Of course, that 75% of promised benefits is still going to be equal to or higher in real terms than current benefit levels. So, while there would have to be a drop in payouts if no changes at all were made in the system, that drop would still lead to benefit levels roughly equal to or even greater than current benefit levels. And, then, those affordable payouts would continue to grow...

Every Democrat should be on TV tomorrow saying some version of "The president is lying to the American people about this vital program..."