Maturin42's Blog

Monday, January 03, 2005

Social Security being diverted to the wealthy

RE: "U.S. government should leave Social Security funding alone," Dec. 27

Alvin Gentry, while reaching a correct conclusion, missed the point on Social Security funding. This administration has as its aim the destruction of the low-overhead (1 percent) administration of our national safety net, with substitution of a scheme whereby administration supporters in the financial community can get their hands on the trillions of dollars that flow through the system and break off a few chunks for themselves along the way.

By raising big campaign bucks for Republicans, the investment community assured itself a piece of a pie that has heretofore been administered by dull bureaucrats on a government salary, to whom there was no advantage to manipulate the funds or cheat recipients of the payouts.

Now, if the administration gets its way, those dollars or some portion of them will be administered by the same people who brought you Enron, Tyco, Worldcom and Global Crossing, who believe it is their due to fly around the world in private jets with gold-plated fixtures to visit their palatial villas in posh watering holes.

You can't do that on 1 percent. In announcing the "crisis" (one would think he would not have to go all the way to 2042 for a crisis, given the current state of health care, increasing poverty and job migration), President Bush ruled out the only thing that makes sense -- raising the upper limit on earnings subject to the payroll tax (ensuring a regressive tax remains so).

We don't even have to go through with Bush's plan to see the likely result. Great Britain has already gone down that road and seen its social security overhead rise to 5 percent. Argentina privatized its social security system and wrecked its economy on the resultant debt.

Some of the more clear-eyed economists believe our economy is already headed for a cliff, on the basis of the gigantic deficits already accumulated by the guns and butter and corporate welfare administration of George W. Bush.

This scheme, coupled with our promised endless war, ought to finish off the American dream once and for all, while making the world even safer and more profitable for billionaires.

You all voted for that, didn't you?

George W. Bush, having been "re-elected" has good reason to believe at least half the American people are sound asleep and will not interfere with his plans.

Shelton Lankford