Tuesday, December 07, 2004
Hey Big Spender
Bush to Add $2 Trillion in Debt for Social Security
Remember when Bush and Co. attacked John Kerry for his proposals that would break the bank? Remember when Elephant complained that Bush's plans actually would cost more? Well here's the kicker, Social Security reform will cost between $1 and $2 trillion dollars to pull off, and Bush plans to borrow it. But it raises the question of who will lend us this money?
Maybe we have to to do this, the alternative would be to start cutting back benefits for seniors approaching retirement. But can we afford $2 trillion in additional debt when we are already running $500 billion dollar deficits a year? With the dollar slipping against other currencies, what foreign governments will be willing to buy our bonds which increasingly are simply a guarantee to loose money for them?
Many tough questions and problems to overcome on this issue. It will be interesting to watch it play out over the next couple of years.
http://www.cnn.com/2004/ALLPOLITICS/12/06/social.security.reform/index.html
Remember when Bush and Co. attacked John Kerry for his proposals that would break the bank? Remember when Elephant complained that Bush's plans actually would cost more? Well here's the kicker, Social Security reform will cost between $1 and $2 trillion dollars to pull off, and Bush plans to borrow it. But it raises the question of who will lend us this money?
Maybe we have to to do this, the alternative would be to start cutting back benefits for seniors approaching retirement. But can we afford $2 trillion in additional debt when we are already running $500 billion dollar deficits a year? With the dollar slipping against other currencies, what foreign governments will be willing to buy our bonds which increasingly are simply a guarantee to loose money for them?
Many tough questions and problems to overcome on this issue. It will be interesting to watch it play out over the next couple of years.
http://www.cnn.com/2004/ALLPOLITICS/12/06/social.security.reform/index.html
