Why Did Bush Mislead Voters on Social Security's Supposed "$11 Trillion Dollar Deficit"?

Question

When will Republicans wake up and put aside their partisan politics and see the TRUTH?!!? Bush and Cheney are LIARS!

President Bush and Vice President Cheney have told audiences that Social Security faces an $11 trillion shortfall if nothing is done to fix the current system. But they fail to mention that this is over the course of the “infinite future." Over the next 75 years -- still practically a lifetime -- the shortfall is projected to be $3.7 trillion.
The "infinite" projection is one that the American Academy of Actuaries says is likely to mislead the public into thinking the system "is in far worse financial condition than is actually indicated," and therefore should not be used to explain the long-term outlook.

http://www.factcheck.org/article302.html
http://itsyourworld-changeit.blogspot.com

Answer 1

It's all a numbers game. It depends on how you look at it. Unfortunately there are not more people like you who look past the hype. It's just like cell phones. One company says that no body has a more powerful network. And that's true. The FCC regulates how much power they are allowed to use. The same power rating is for every cell phone carrier, it just sounds better to say (and it's the truth) that no body has a more powerful network. They DON'T!

Our government is set up the same way. In order to go to war the people need to believe there's a good reason for it. "WMD WMD WMD" Bush kept hollering. Were there any? Perhaps, but none have been found. Still, Bush's objective was achieved, putting Haliburton in control of the oil in the region.

So, keep sounding the alarm. Perhaps someone will actually listen. I hear you.

Good luck.

Answer 2

Wow, 'only' around 4 trillion. That's just so much better....

Social Security is a ponzi scheme that only works so long as the population expands and/or the tax rates go up. BOTH have been happening throughout it's history. It /must/ collapse eventually, either fiscally (if the regressive SS tax is not raised or if population stabilizes), or with the rest of society, as tax rates become sufficiently confiscatory to topple the economy, or population growth outstrips what natural resources can support.

Answer 3

Why don't you look at the OTHER entitlement, Medicaid/care. The shortfall of this program is estimated to be $30-50 trillion.

But heck, since its not so bad, lets just ignore it and concentrate on more important things, like performing more investigations and hearings.

BTW, you can live with your head in the sand if you want, but it won't change the facts that: 1) Entitlements, unless changed, WILL bankrupt our country, 2) The only major politician to even make an ATTEMPT at a solution was Bush, but nobody wants to touch this one.

Answer 4

Odd, isn't it? Yet they can instantly find hundreds of billions of dollars to send to places like Iraq by raiding the funds of the elderly who have paid into it all their lives. Republicans hate entitlements. If they had their way, they would happily do away with unemployment compensation as well. They prefer to "privitize" everything to help their financial "broker" friends collect big fat fees on private retirement accounts. They won't tell you that. They prefer the "scare tactics". They also won't tell you that privitizing Social Security would make those funds subject to recessions, inflation, Wall Street downturns and everything else. Social Security is unaffected by those things. Besides, we already have an option to open a private retirement account via 401(k)'s, IRA's and Roth IRA's. The argument to privitize Social Security is bogus, which is why it became another failed policy.

Answer 5

By 2019, the annual outlays are expected to exceed revenues, and the disparity between the two are expected to grow annually from then on.

And even then, the deficits are assumed to be lessened because of the "lock box" paying out. Of course, we all know that the "lock box" is full of government bonds, payable by taxpayers, and it will be paid back from the general fund. Meaning that we paid twice. With interest.

It's a horrid scheme and should be abandoned. This is self-evident.

Answer 6

Because the simple fact, that starting next decade, SS revenue will no longer be enough to cover SS pay outs.

So SS will have to start cashing in the US treasury bonds they own, to keep paying the same SS benefits.

Eventually, the SS owned US Treasury bonds will all be cashed in.

Then what are you gonna do ?

So the earlier something is done about that future problem,

The cheaper it will be to fix.

They did this back when reagan was president, when they increased the SS payroll tax.

That pushed back the date that SS would have to start cashing in the Treasury bonds they own, by 30 years.

Answer 7

It's ceasar's way of keeping it's citizen from rioting. Tax and spend. But you must have somebody to tax. There lies The GOP's love affair with illegal migrants. Tax Peter to spend on Joe.

Answer 8

its politics as usual, presidents have been using scare tactics for a long time...why get outraged now?

Answer 9

...they spin everything....to the point that they are truly ruining the country...lies and deceipt never won any great battle.

Answer 10

It's what he does!