Official blog of Undernet IRC channel #AAR focusing on Air America and its shows.
AAR Streams

Monday, December 13, 2004

Top Republican Warns Bush On Social Security Reform

   By Emelius at 3:05 AM

      Sunday, on Fox news, U.S. Sen. Lindsey Graham of South Carolina, warned President Bush against Social Security reforms that can't be funded without throwing the United States into even greater debt. Sen Lindsey, who is in support of greater payroll taxes to pay for the reform said, "What I'm asking of the president, when it comes to the transition costs, be flexible,", "I think it's irresponsible to borrow the whole trillion dollars,". The real estimates of reform though are closer to $2-$3 trillion. Bush has said though that he will not raise payroll taxes. Maybe there is a magical money tree that we don't know about buried in Fort Knox.

White House officials say borrowing would not endanger the president's other financial goals, which include a pledge to cut the federal deficit in half by fiscal year 2009.

But Graham, who said he has proposed raising the annual salary cap for Social Security taxes from $87,900 to $150,000, said a big jump in borrowing could increase the deficit to more than $700 billion.

"I don't think you can make the tax cuts permanent, have alternative minimum tax relief and borrow the entire transition costs, which is over a trillion dollars, and have deficits that we can sustain," the South Carolina Republican said.

      To me the Social Security program is a needed safety net for our country. With all this talk about personal investment in the stock market, it seems to me that people are forgetting what happened in 1929 or 2001 for that matter. What kind of country allows its government to let people live in garbage dumps rather than ensure they have shelter and food. Some great country we live in.


Post a Comment

<< Home

Blog Post Archives
August 2004 | September 2004 | October 2004 | November 2004 | December 2004 | January 2005 | February 2005 | March 2005 | April 2005 | May 2005 | June 2005 | July 2005 | August 2005 | October 2005 | November 2005 | December 2005 | January 2006 | February 2006 | April 2006 | June 2006 | July 2006 | August 2006 | September 2006 | November 2007 | March 2008 |
Powered by Blogger       Site Meter Weblog Commenting and Trackback by