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| Posted By | Discussion Topic: Government needs to take $9 billion out of Social Security | ||||
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| TeenWeek what's a status? | posted on 08-27-2001 @ 1:15 PM |    | |||
| O&A Board Regular Registered: Oct. 00  | President Bush's tax cut and the nation's economic downturn will force the government to take $9 billion out of Social Security this year to pay for other operations, breaking a bipartisan commitment in Congress, congressional analysts reported Monday. The nonpartisan Congressional Budget Office offered a more pessimistic view of the government's finances than the Bush administration did last week. The CBO estimated the total budget surplus for the fiscal year that ends Sept. 30 at $153 billion — down $122 billion from its May estimate. The CBO says Social Security will be tapped for $9 billion in fiscal 2001. After a small non-Social Security surplus of $2 billion in fiscal 2002, it projects the government will use $18 billion out of the retirement program in 2003 and $3 billion in 2004. While the White House projected similar numbers, it forecast a non-Social Security surplus of $1 billion this year and next. That was just enough to permit Republicans and Democrats to say they have kept a promise not to use Social Security tax collections for other government programs. The CBO report was scheduled for official release Tuesday. It was obtained Monday by The Associated Press from congressional sources. Diverting Social Security money has no practical effect on the program. It does prevent the government from paying down public debt as quickly as it otherwise would. But making the Social Security exempt from such invasions has become a political priority as both parties sought the mantle as its greatest protector. The first year of the 10-year, $1.35 trillion tax cut championed by Bush accounts for about two-thirds of the lowered fiscal 2001 surplus estimate, the CBO report says. A fourth of the reduction was attributed to the troubled economy, mainly in the form of lower tax revenues. The tax cut includes $40 billion in income tax refunds this year and deferring about $33 billion in business taxes into fiscal 2002. CBO analysts say the economy should "narrowly avoid recession and recover gradually next year." The recovery, however, is projected to be less robust than the 3.2 percent growth rate estimated by the White House Office of Management and Budget. The CBO is forecasting 2.6 percent gross domestic product growth next year, slightly below private consensus estimates. Over the next 10 years, the CBO is forecasting a $3.4 trillion surplus counting Social Security, down from $5.6 trillion in its May forecast. Bush's tax cut and the associated changes in interest costs account for more than $1.7 trillion of the surplus reduction. Those numbers assume no additional spending by Congress, including items already promised by lawmakers, such as a Medicare prescription drug benefit, increases for defense and education and a new $74 billion farm bill. The Bush administration last week forecast a surplus of $158 billion this year, $173 billion next year and $3.1 trillion over the next 10 years. Over the decade, the White House figured defense spending at $198 billion above the numbers used by the CBO and Medicare spending $37 billion higher. The White House used a Social Security accounting change and a few other assumptions to claim that Social Security would remain untouched this year; the CBO did not use those same assumptions. The president last week said the Social Security fund should not be tapped unless the nation was at war or in a recession. He has said that Congress can avoid dipping into it by controlling spending. Yet many of the spending proposals that could force use of the retirement trust fund were made by Bush, not congressional Democrats. Aside from the political fight, the main impact of the CBO forecast would be on repayment of public debt. The CBO says its new estimate will delay maximum debt repayment by four years compared with its May forecast. | ||||
| Tequila Fez claims this land in the name of Portugal! Why worry about the train if it never makes it around the tracks?? IrishAlkey wuz here!!! | posted on 08-27-2001 @ 7:22 PM | | |||
| O&A Board Veteran Registered: Jan. 01 | this is going to send O&A swallow to the poor house AOL/AIM - oanda1027fm | ||||
| DasDoomper | posted on 08-27-2001 @ 9:58 PM | | |||
| Psychopath Registered: Jun. 01 | Sounds like someone forgot to "carry the 2" when they did their math... On a lighter note, I really don't care about social security. It's not going to be there when I retire, and if it is, the amount of money I get from it when I do retire will be a joke compared to the $$$$ I will be getting from my 401K and my other mutual funds. You know how to keep the government from taking money from Social Security? FUCKING TAKE IT AWAY FROM THEM! I say privatize it, and give people the option to do what they want with the money. Screw those who aren't smart enough to save it. DasDoomper  | ||||
| Spuds_Buckley | posted on 08-27-2001 @ 10:24 PM | | |||
| O&A Board Regular Registered: Oct. 00 | don't blame bush....blame Roosevelt...no better yet, blame capitalism in general. This is the nature of the beast that is our economy. we go in 10 year cycles. This downturn will continue further, unless of course 30 year t-bonds and other long term interest rates are cut (fat chance of that happening) Kiss Me I'm Duff! This message was edited by Spuds_Buckley on 8-27-01 @ 10:28 PM | ||||
| MashedPotatohead NIGGA PLEASE! All the bitches in here are crazy! | posted on 08-27-2001 @ 10:29 PM | | |||
| O&A Board Regular Registered: Oct. 00 | quote: 1. Social Security is NOT just about retirement 2. Smart has nothing to do with it - it's about circumstances. Some people barely make due with what they make - and it's not from wasting their money. They may be a single parent putting their kids through - high school or college. 3. IRAs or other retirement accounts/strategies are a fairly new concept  | ||||
| Spuds_Buckley | posted on 08-27-2001 @ 10:40 PM | | |||
| O&A Board Regular Registered: Oct. 00 | quote: Long live Roth! Kiss Me I'm Duff! | ||||
| Arpikarhu Harmless Teddy I wish Maynard was still posting here so I could implant my head up his ass. Needle dick, bear salesman. I think I'm a revolutionary. Actually, I'm a one trick pony. I enjoy C&BT | posted on 08-27-2001 @ 10:43 PM | | |||
| O&A Board Regular Registered: Apr. 01 | people deserve what they get. this asshole promised a tax cut that we couldnt afford. but everybody wants instant gratification and voted for this moron and took the money. now the surplus that we aquirred after reagan put us in the poor house is gone. back to square one. but what does bush care. he will be long out of office before the economic shit hits the fan. anybody who voted for him should be neutered so that they dont pass thier greedy short-sighted idiot genes along. Arpi Karhu Kauppias Forever!!! AIM- Arpikarhu  | ||||
| Spuds_Buckley | posted on 08-27-2001 @ 10:50 PM | | |||
| O&A Board Regular Registered: Oct. 00 | quote: reaganomics laid the ground work for the 90's prosperity Kiss Me I'm Duff! | ||||
| Sephiroth | posted on 08-27-2001 @ 10:55 PM | | |||
| O&A Board Regular Registered: Dec. 00 | $9 billion dollars? That's some coke habit Dubya has developed there.
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| I Rooned It | posted on 08-28-2001 @ 12:09 AM | | |||
| Psychopath Registered: Jun. 01 | I guess Dubya doesn't want the elderly vote in 2004! Fucking retard, does he realize that there are old people who depend on SS for necesities. Privitizing or putting it on the Stock Market is probably the worst thing to do. What if they plummet like internet stocks? This proves that Bush really doesn't give a shit about the little guy. Not everyone in a America is a rich oil tycoon. Why Roon a Good Time?
O 'n' A dot com | ||||
| WookiePoolParty | posted on 08-28-2001 @ 7:05 AM | | |||
| Psychopath Registered: Mar. 01 | From the article:quote: Hey Arpi-choo: the shit is already hitting the fan, tool, and it has been since last year. It has nothing to do with Bush! It's a goddamn shame that no one neutered your obviously neglectful parents so that we wouldn't have to be subjected to the day in and day out asinine, uneducated crap that spews from your keyboard. "Neglectful?," you ask. Well, that's the only conclusion I can come to that explains how you grew up to be such a friggin empty-headed buffoon. Neuter that, bitch. Help those that need it. Join IBC.  WPP's Swiller Beer Pick of the Week: Magic Hat Number Nine | ||||
| JerseyTerp | posted on 08-28-2001 @ 9:27 AM | | |||
| Hanger-On Registered: Sep. 00 | quote: I guess Clinton wasn't worried about the elderly when he dipped into the SS budget before 1998. Do you really think that seniors won't get their checks this month? It's all just creative bookkeeping - unfortunately, the liberal media will run with this one. | ||||
| Arpikarhu Harmless Teddy I wish Maynard was still posting here so I could implant my head up his ass. Needle dick, bear salesman. I think I'm a revolutionary. Actually, I'm a one trick pony. I enjoy C&BT | posted on 08-28-2001 @ 11:54 AM | | |||
| O&A Board Regular Registered: Apr. 01 | quote: is this a sneeze or a train reference? either way , i don't get it. oh well. quote: actually, i didn't, but thanks anyway. quote: i wont even begin to tell you whats wrong with that. Arpi Karhu Kauppias Forever!!! AIM- Arpikarhu | ||||
| Sloatsburgh | posted on 08-28-2001 @ 12:04 PM | | |||
| O&A Board Regular Registered: Oct. 00 | quote: Obscure Bloom County reference of the decade. Don't be to high and mighty about your 401(k). When the boomers start takening their money out of the market after they have retired, you will see a nasty downturn, just like you are seeing right now.  42 | ||||
| FoundryMusicScott | posted on 08-28-2001 @ 4:22 PM | | |||
| Psychopath Registered: Aug. 00 | Arpi, I'm with you on that one. He wanted the tax cut that bad, let's see how bad the American people wanted it next year during the mid term elections. Furthermore, Spuds, I'm curious as to your theory how Reaganomics paved the way for 90's prosperity. Please explain. "Glen honey, I have a question for you- what do you do for a living?" "Hey I have a question for you too- why are you still here?" Family Guy- Glen Quagmire, "Stewie's Addicted to Crack" episode. | ||||
| adolescentmasturbator | posted on 08-28-2001 @ 6:55 PM | | |||
| O&A Board Regular Registered: Jan. 01 | Just a few things I'd like to say. I'm not sure about this but I think Gore wanted an even bigger tax cut and also at least 20 dems supported the tax rebate.quote: Are you serious? Reagan destroyed the economy and the only thing that saved it was a brand new industry that changed everything. Reagan was the biggest idiot in most if not all departments. He killed all antitrust laws paving the way for the Microsofts of the country to monopolize. Reagan also said that most pollution came from trees lmao. I'll let that one speak for itself. And I don't want to hear Democratic Propaganda on this shit because did what Carter wanted to. quote: The mass media is owned by multi-billion dollar corporations. You will almost never hear an anti-corporate opinion on those outlets because it wouldn't serve business interests.  Resident Board Socialist Email me here IM me at stickysituation2 or pinkorag Webmaster of the Undergound Unofficial I Hate WhackBagKid Message Board I currently have brought no one into the International | ||||
| Spuds_Buckley | posted on 08-28-2001 @ 9:22 PM | | |||
| O&A Board Regular Registered: Oct. 00 | quote: Read This Kiss Me I'm Duff! | ||||
| IkeaBoy P.L.F. Portugese Liberation Front- Liberating Status' everywhere from the Tyranny of Portugal I will die a traitor's death | posted on 08-28-2001 @ 9:35 PM | | |||
| O&A Board Veteran Registered: Sep. 00 | It's cool. See that $9 billion have been used to PREVENT the old people from dying being hit by missiles fired from an angry country.  The narrator in Fight Club is the man we will be, Patrick Bateman in American Psycho is the man we want to be Eliza Dushku- Hotter Than Brittny | ||||
| The Painter 1/2 a bottle of Jack Daniels... it's a cure-all | posted on 08-28-2001 @ 9:39 PM | | |||
| O&A Board Regular Registered: Sep. 00 | Spuds, they don't want facts. When you give them facts they won't believe them anyway. Reaganomics was not that new an idea. JFK had a very similar policy. Reagan brought this country back from the brink. He was a great President. AM are there any Presidents you do like?  | ||||
| adolescentmasturbator | posted on 08-28-2001 @ 10:06 PM | | |||
| O&A Board Regular Registered: Jan. 01 | I got answers and lots of them. That's the biggest load of crap ever. I'll admit Clinton was a huge idiot as well and this further proves that the parties are nearly identical. First off I think 90s Prosperity had more to do with the COMPUTER industry hitting it big time than any politician and for that matter the entire government. But look now how the market is stagnating. This happens often with new technolgies that change things in a revolutionary way. The market booms then gets obliberated when most businesses fail. And the NAFTA stuff is insane. NAFTA has caused a lot of destruction. Under NAFTA comapanies anywhere that signed the agreement can sue a country for "limiting their profits". This might mean using cleaner oil and not having fair practices. Under NAFTA 8 Million Mexicans have fallen into poverty. Also a lot of U.S workers have lost jobs and may have settled on jobs that pay cheaper. NAFTA allows unsafe Mexican trucks to go into our borders. This will only expand with the FTAA which is a lot more powerful and will include every country in the western hemisphere minus Cuba. And the comments that deregulation is a plus is false. Laisez-Faire economics just doesn't work at all. Look at the California Utilites. They wanted deregulation and they got it and then guess what? They want help from the government and that's ok because Corporate Welfare is a lot better than Personal Welfare. Funny how corporations became Socialists when they lose money. Oh and Progressive Taxes are a good thing! Progressive Taxes were what originally created the middle class. IF you charge millionaires and billionaires a lot more in taxes than the working class has a lot less of a burden. And the comments about working class families investing is null now. Most people got fucked over. I know people with debts running into the tens of thousands and even hundreds of thousands. The term free market is a tricky term. I believe in a fair market where everybody is on equal footing to succeed in the world. But that obviously won't happen in a "free market". Also privatized social security is a bad idea. You never know when we would have a hard economic downturn just like now. The only reason the economy is barely surviving is consumer spending. The corporations have given up but the government tells us to spend, spend, spend. This will end too obviously. Another part is how Victorian values decreased crime. Do you really want to live in a Victorian society? It mentions real wage increases because of zero inflation. Actually that was because labor movements were gaining more & power and many people were shocked at working-class conditions. This guy praises Victorian England and America. We all know how great that was. P.S. I read that long-ass webpage so I want answers. quote: Abe wasn't bad even though his motives were questionable. Oh and I'll tell you another thing that is little known that is left out of the textbooks. Woodrow Wilson was an ardent Racist but so were most U.S. Presidents. Resident Board Socialist Email me here IM me at stickysituation2 or pinkorag Webmaster of the Undergound Unofficial I Hate WhackBagKid Message Board I currently have brought no one into the International | ||||
| Spork | posted on 08-28-2001 @ 11:00 PM | | |||
| Psychopath Registered: Jun. 01 | Indeed, Kennedy introduced sweeping changes to the tax code. When he began his cuts, the top marginal rate was NINETY percent (!!!) Reagan followed with his excellent tactic of simplifying the tax code so that it had only two marginal rates - 15% and 28%. I love how the revisionist historians out there are so quick to try and say that Reagan "ruined" generations to come. Economically he DID set the groundwork for all the innovations that we would see. Cutting back capital gains taxes and making it okay to try and be rich in America is paying dividends to this day. It's also funny how people who say now that it was the computer industry that is solely responsible for our economic boom of the 90's are the same people who: A) Bash Microsoft to know end despite the fact that they used aggressive marketing and business tactics (life sucks, get a helmet) to STANDARDIZE computing platforms in corporate America making EVERYONE more productive. B) Bash Reagan's "irresponsible" military spending despite the fact that a ton of that money was spent on R&D in... that's right kids, COMPUTERS! Oh well, we can't let facts get in the way of a good argument now, can we? There are just people out there who don't understand economics, don't understand the Laffer curve, don't understand the "perverse incentives" affect of social welfare programs, will never understand how reducing capital gains taxes helps everyone not just the rich and so on down the line. It's always a frustrating battle in my eyes because liberals always want to argue on emotion and what makes them feel warm and fuzzy inside, and your right-wingers seem to have a little more realistic view of the world and at least want to get down to brass tacks and numbers and how things work. In the end I guess it's almost like cheering for a sports team. You've got a certain amount of loyalty to that team and you don't want to concede anything to the other team. Frustrating yes, but soldier on my right-wing bretheren and keep trying to fight the good fight and convert those who want to listen to a good old fashioned dose of truth :)  "Look how hot they're getting. And that's an old picture," Anthony says. | ||||
| adolescentmasturbator | posted on 08-28-2001 @ 11:20 PM | | |||
| O&A Board Regular Registered: Jan. 01 | Microsoft is evil face it. Because Reagan destroyed antitrust laws they got off the hook. Microsoft always offers inferior products because they are on top. Their browser Explorer isn't better than Netscape 4.7(I have tried 6.1 yet), and Opera. Their e-mail client Outlook is the number cause of viruses spreading so quickly. Windows is not as productive as they would have you believe. They standarized it by shoving it down our throats. Ever notice how Microsoft is the only OS given for a new computer? Of course we can't give consumers a better product because it isn't profitable. Also development in the Reagan years did not help upstarts as much as established gigantic companies to maintain a strangle hold on the market. As for the capital gains tax I didn't know your name was Spork'Reilly;). And don't call me a liberal. I am not a liberal. I am a radical there is a big difference. On a side note funny how the mass media of "liberals" calls the Talibanone of the most reactionary groups on the planet "Radical". A Radical would be the complete opposite of the Taliban. I know I'm getting off topic but I'm just proving a previous point just like how Mussolini and Hitler were portrayed as "Moderates" fighting off Socialism. You talk about how the right-wing brings reality. Most of the important changes to society were introduced by Radicals. Democracy was once a Radical idea and Monarchy was the conservative way to go. Resident Board Socialist Email me here IM me at stickysituation2 or pinkorag Webmaster of the Undergound Unofficial I Hate WhackBagKid Message Board I currently have brought no one into the International | ||||
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