Thursday, February 03, 2005

I’m already tired of this Democrat Talking Point.

LATER: Was it roulette when President Bill Clinton said basically the same things about Social Security in his SOTU in 1999?

So first, and above all, we must save Social Security for the 21st century.

Early in this century, being old meant being poor. When President Roosevelt created Social Security, thousands wrote to thank him for eliminating what one woman called “the stark terror of penniless, helpless old age.” Even today, without Social Security, half our Nation’s elderly would be forced into poverty.
Today, Social Security is strong. But by 2013, payroll taxes will no longer be sufficient to cover monthly payments. By 2032, the Trust Fund will be exhausted and Social Security will be unable to pay the full benefits older Americans have been promised.

From President Bush’s speech last night:

Thirteen years from now, in 2018, Social Security will be paying out more than it takes in. And every year afterward will bring a new shortfall, bigger than the year before. For example, in the year 2027, the government will somehow have to come up with an extra 200 billion dollars to keep the system afloat — and by 2033, the annual shortfall would be more than 300 billion dollars. By the year 2042, the entire system would be exhausted and bankrupt. If steps are not taken to avert that outcome, the only solutions would be drastically higher taxes, massive new borrowing, or sudden and severe cuts in Social Security benefits or other government programs.

Roulette, my rear.

Courtesy: SixHertz (adult language warning)