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Politics : Al Gore vs George Bush: the moderate's perspective -- Ignore unavailable to you. Want to Upgrade?

To: Carolyn who wrote (4091)	10/30/2000 11:20:13 PM
From: Frank Griffin	Respond to of 10042

BUSH PLAN SAVES SOCIAL SECURITY- GUARANTEES BENEFITS TO ALL SENIORS Members of the Baby Boom Generation will start to retire in this decade. The impact will be that within two decades, Social Security will start running in the red. If nothing is done, by 2037 the system will be bankrupt. Governor Bush proposes to save and strengthen Social Security for future generations. His proposal: Dedicates every penny of the Social Security surplus to Social Security. Guarantees those at or near retirement will see no change at all in their benefits. Allows our children and grandchildren to direct a portion of their payroll taxes into personal retirement accounts, a recommendation of both Democrats and Republicans. Over the next decade, Social Security will pay $5.4 trillion in benefits, regardless of who is elected on November 7. Even after all benefits are paid to seniors, there is $2.4 trillion left over. Governor Bush would use a portion of this surplus to set up personal retirement accounts. Where does the $1 trillion in personal retirement accounts go? Contrary to opponents’ claims, it does not disappear. It remains within Social Security but in personal retirement accounts. Based on historical averages, these accounts can be expected to earn, after inflation, about three times the rate Social Security now provides. This is a plan that protects our nation’s seniors while opening up new opportunities for younger workers. The new personal retirement accounts would be real assets that can be left to surviving spouses and children. It is the logical progression of one of our country’s most important social programs. Al Gore proposes issuing $40 trillion in IOUs to the Social Security Trust Fund, and does not save the system for our grandchildren. His “solution” would result in whopping tax increases on our children and grandchildren. The Gore Campaign is waging a campaign of fear against seniors, flooding the airwaves with scary ads and making phone calls to voters in battleground states telling seniors George W. Bush would take away their benefits. This is untrue, and the Gore Campaign knows it. That’s the difference between the two candidates. One is focused on long-term policy problems, one on short-term political gain. It’s time to stop saving Social Security for a campaign issue, and start saving it for future generations.