Monday, March 1, 2004

Where's The Lockbox?

I've been saying recently that I thought Al Gore probably meant a REAL (not metaphorical) lockbox and that he would right now be sleeping with it under his pillow if he were president. Instead, we had the 2002 Federal Financial Statements come out last year with the news that Social Security expenditures will exceed revenues starting in 2018 which will lead to the trust fund being exhausted in 2042. One of the things that makes this even more amusing is that the 'trust fund' was wisely invested in the world's safest investment vehicle - US Treasury Bonds. So by 2018 (if not earlier) the US will have to deal with a complete turn around in cash flow from one of its cash cows.

As for Dub-ya's idea about personal retirement accounts (i.e., funneling the money to the banking and investment businesses) UH, HELLO!!! That's why we HAVE Social Security. It was formed with the idea that we would never, ever make our citizens be fully dependent on the banking and investment industries, which could collapse and lead to another depression. Never again, was the government's pledge. We'll be damned if we let one snot-nosed rich boy surrounded by Daddy's friends undermine our core social program.

(The above was my comment post to Gregory Jefferson's "Where's The Lockbox?" article from Axis of Logic, posted on Smirking Chimp.)

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