Bush again claimed there was no trust fund today:
"A lot of people in America think there's a trust," Bush told a forum here, shortly after he stopped off at the Bureau of Public Debt, the agency that keeps records on the nation's debt.
"But that's not the way it works," he said. "There is no trust fund -- just IOUs."
Evidently it exists enough for him to spend it, but not to pay it back.
His implication is that it would put America at dangerous risk to pay it back.
Here are graphs of the surplus/deficit of Social Security, and the size of the trust fund, from 1970 to 1990:
Obviously, we've been able to redeem from the trust fund in the past. America is still here.
Posted by tunesmith at April 5, 2005 05:29 PM
TrackBack URL for this entry:
http://politology.us/mt/zxcv.cgi/57
in the real world, there would be a loan shark to break bush's knee caps. then they'd stuff his head in a pizza oven.
Posted by: Dignan at April 6, 2005 09:58 PM
The thing that disturbs me the most about these claims are the effects that this will have outside of the social security argument. Essentially, by calling the trust fund "worthless IOU's" the president is suggesting that the US Government won't make good on it's debts. Badaboom, the dollar goes to hell - as though it hadn't already fallen enough.
This isn't just political bullshit, it's just irresponsible.
Posted by: Brew at April 7, 2005 11:39 AM
Just another example of Dubya Think. ;)
Posted by: TalkieToaster at April 7, 2005 02:03 PM
Hey that's why people oppose him privatizing Social Security.
Its not hard to figure out why he wants to do that. Its very simple, HE'S ALREADY STEALING IT.
Plain and simple.
Don't let anybody get away with privatizing this in whole or in part.
Tirelessly write to your senators about this.
Posted by: TalkieToaster at April 5, 2005 06:37 PM