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Politics : PRESIDENT GEORGE W. BUSH
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To: Kenneth E. Phillipps who wrote (477619)10/17/2003 7:51:58 PM
From: Kenneth E. Phillipps   of 769670
 
"George W. Bush's handpicked commission on Social Security reform think your nephew has the right idea. Social Security has been running surpluses since 1983 when the payroll tax was increased in order to build up a trust fund out of which future benefits could be paid. These surpluses could have been invested in stocks or corporate bonds but it seemed safer to buy US debt instead. The system now has $1.2 trillion in its rapidly growing trust fund but the commission says the government bonds in that trust fund arn't real assets."
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