The Canadian Record (Canadian, Tex.), Vol. 114, No. 12, Ed. 1 Thursday, March 18, 2004 Page: 2 of 32
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2
THURSDAY 18 MARCH 2004
THE CANADIAN RECORD
OPUNIOL
RECORD
INCDRPDRATED FEBRUARY 1998
ben III
Editor & Publisher 1948-1993
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Award Winner
—2003
TexasYesJ
Stop Social
Security thieves
By Jim Cullen in The Progressive Populist
THE LIE HAS BEEN REPEATED so often by GOP talking
heads that a majority of working people have come to believe
Social Security will be unable to take care of them when they retire.
This even though Social Security trustees have certified that the
trust fund balances are sufficient to pay full promised benefits
through 2042 (see www.ssa.gov). And that assumes a relatively low
2% annual economic growth, which would be the slowest stretch in
our history.
Now Fed Chairman Alan Greenspan, who headed the panel in
the 1980s that raised payroll taxes to pile up the surpluses needed to
take care of the Baby Boomers' retirement, has joined the cabal of
Republicans and conservative Dems who want to expropriate your
promised Social Security benefits to pay for more tax breaks for the
wealthy. If this doesn't boil your bile, then you have lost the capacity
for outrage.
In his 2001 report scoring the winners and losers if Republicans
succeed in forcing a Social Security trust fund default, economist
Dean Baker of the Center for Economic and Policy Research
(cepr.net) noted that the trust fund had accumulated more than $1
trillion in surplus government bonds from payroll taxes over the
last two decades. "The taxes collected to buy the bonds held by the
trust fund were primarily by low and moderate income workers
through the payroll tax.... If the government defaults on the bonds
held by the trust fund, it would be a large transfer of wealth from
the low and moderate income workers to upper income taxpayers."
Based on the Congressional Budget Office's model, Baker found
that 95%:of US households would be net losers if the federal govern-
ment defaults on Social Security. If the default were to take place in
2016, more than $1 trillion (in 2001 dollars) would be transferred
from the bottom 80% to the households in the top 5% of the income
distribution. The bottom 80% would lose an amount equal to more
than 20% of their annual income, while an average household in the
top 1% would net more than $730,000.
So Bush and Greenspan want to spend the Social Security sur-
plus that working people piled up with their payroll taxes over the
past generation. All for tax cuts that the rich have largely invested
in corporations that have built new factories in low-wage nations
overseas. So you are expected to give up your retirement benefits to
send more manufacturing jobs overseas.
With these facts, along with the increasing evidence that the
Bush administration has botched the war on terror as well as the
economy, Democrats should be able to unleash the hounds on the
GOP in November. Don't let the manufactured furor over gay mar-
riage and bare breasts on TV distract your friends from these facts.
Tfcss Oepsttttcei a! ligricuituK
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Brown, Laurie Ezzell. The Canadian Record (Canadian, Tex.), Vol. 114, No. 12, Ed. 1 Thursday, March 18, 2004, newspaper, March 18, 2004; Canadian, Texas. (https://texashistory.unt.edu/ark:/67531/metapth220621/m1/2/: accessed May 1, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Hemphill County Library.