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Politics : Stockman Scott's Political Debate Porch
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To: Oeconomicus who wrote (72416)2/14/2005 10:28:00 PM
From: TigerPaw  Read Replies (5) of 89467
 
Social security was funded essentially as a pay as you go program. When the Boomers appeared as a distortion in the demographics they were obliged, under the Reagan plan, to pay more than was necessary for current expenses so as to build up a reserve for their own retirement. Junior Bush wants to embezzel this money and return it to his wealthy donors in the form of tax cuts and perpetual wealth transfers.

Social security is as solid as the treasury bonds on which it is based. If Junior defaults on the SS bonds, then the full faith and credit of the government is called into question.

TP
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