Another scare tactic

Posted: 10/01/2007 by Floyd in Labels:

Dean Baker puts the Bush scare tactic on Social Security in perspective with this post, seems Bush is up to his old scare tactics again, well, at least it's closer to Halloween,,trick or treat America.

Bush is again declaring war on Social Security, claiming that the program is going bankrupt and will impose an unbearable burden on our children and grandchildren. In an apparent effort to lay the groundwork for a future president to privatize and/or cut the program, the Treasury Department is circulating a new set of Bush stories that are designed to convince the public that the Social Security program must be changed.

Suppose we use the numbers from the non-partisan Congressional Budget Office (CBO) instead of the Social Security Trustees, since four of the six trustees are political appointees of the President. CBO tells us that the projected shortfall over the next 75 years is equal to 0.4 percent of projected income. This is approximately 30 percent of current spending on the war in Iraq and about one-fifth the size of President Bush’s tax cuts. In other words, if the projected Social Security shortfall has you worried, you should be absolutely terrified about the cost of the war in Iraq and paralyzed with fear by the revenue lost as a result of President Bush’s tax cuts.
Read the article over at; TPM Cafe