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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Doug R who wrote (267928)	6/28/2002 11:39:51 AM
From: MSI	Read Replies (1) \| Respond to of 769670

How much of this is true? ------------------ almartinraw.com "...This also illustrates the growing problem of pension fraud in this country. The Bush Administration tries to hide behind the US Government's Pension Guarantee Corp. They try to present this illusion to the American people - "don't worry about your pensions because we have the Pension Guarantee Corp." And a lot of people swallow it. What they don't know is that the Pension Guarantee Corp. has not been funded since 1986. Currently the contingent liability of the Pension Guarantee Corp. exceeds its current assets by $3.5 trillion. As I've been trying to point out (Fox News and CNBC have also been reporting on this issue), our nation's public and private pension system is now shakier than it has ever been before -- since the tactic was developed during the Reagan/ Bush years of leveraged buyouts using pension money. This has caused a massive drain in the nation's public and private pension systems. We are not talking about individual companies' pension schemes, but governmental pension schemes as well, like Social Security, where there is no money. There isn't any money anywhere in these pension schemes. Steve Forbes, who probably understands that his political days are over, was also synopsizing the situation the way I did. If George Bush serves a second term, we will have a nation with a debt to GDP ratio of 236% and a debt service to budget ratio of 37%. We will also have an aggregate of $10 trillion, which the Reagan Bush Regime and the Bush II Regime cannot account for. This is ten trillion missing dollars, which the Reagan/Bush people and the Bush Junior People (which are all the same people) cannot account for. It's money that's "missing" from the Department of Defense, the Treasury Department, the Education Department, Social Security, Bureau of Indian Affairs, Bureau of Land Management, etc. The list just goes on and on. This is ten trillion dollars, which the Reagan Bush/Bush Jr. people cannot account for. This is money, which will never be accounted for. It should also be mentioned that the Federal Reserve reports (it's hard to find this information since you have to go to the Comptroller of the Currency) describes record outflows of money from the United States. It's money leaving the country from the so-called "Smart Republican Money Set," money that's leaving at record levels. Not only are the "Smart Republican Money Set" transferring their money out of the country into numbered offshore accounts, they are now beginning to expatriate themselves. In the last six months, a record number of American citizens with a net worth of over $100 million have become expatriates. They can't use the tax loophole act anymore to avoid capital gains, but what people don't understand is that when the Clinton Administration, over bitter Republican opposition, closed the expatriate tax loophole act of 1995, which said you could flee the United States and become a "tax exile" to avoid paying current capital gains taxes, this included only personal accounts. It didn't relate to built in capital gains in pension accounts, trust accounts and corporate accounts - which is where anyone who has any real money is going to keep their money anyway. In other words, this tax loophole act that the Democrats like to point to as one of their few successes is really a very hollow victory. The Bank of International Settlement (BIS) indicates continued record conversion of US dollars by US citizens into gold in offshore accounts. What does the Smart Republican Money know? They know that it's all going to fall apart and that the Bush Administration has essentially given up any pretense of prudent fiscal management. It doesn't care how much deficit it creates. The Bush Administration will make no effort to pay down the national debt and will make no effort to refund Social Security despite its pledges to do so, and it will make no effort to explain $10 trillion of missing money. The only thing the Bush Administration will do from now until the time it leaves office (whether it has one term or two terms) is continuously seek to expand defense spending with all of its rich revenues going to Republican interests, through contract skimming and offshore shadowy research groups controlled by Republican interests.