Groups Brace for Social Security Changes

[Rose Siding]

WASHINGTON - Officials representing business groups, financial service companies, banks and insurance firms are gearing up for a legislative fight over Social Security (news - web sites), telling White House officials Thursday they are solidly behind President Bush (news - web sites)'s desire to remake the retirement system next year.

"The battle's begun," said Derrick Max, executive director of the Alliance for Worker Retirement Security, a business-backed coalition that advocates letting younger workers invest part of their Social Security payroll taxes in voluntary personal retirement accounts.

Bush's business allies are "putting our marching orders together and moving forward" to provide crucial political support for the president's legislative priority next year, Max said after two meetings — one of which included White House officials — in Sen. Lindsay Graham's office. The South Carolina Republican wants his bill to be the legislative vehicle for the White House-approved overhaul of Social Security.
.............
The businesses supporting Bush's effort have a financial interest in changing Social Security, including financial services companies that could benefit from fees charged for managing the investment accounts. Securities and investment firms were the fourth-largest industry donor to Bush's re-election campaign, according to the Center for Responsive Politics.............

http://story.news.yahoo.com/news?tmpl=story&cid=513&ncid=691&e=1&u=/ap/20041119/ap_on_go_ot/social_security

[DemoTex]

1. Brace? Brace?

They are licking their bloody chops!

[Malva Zebrina]

2. Brace? Brace? I ain't got no brace.

It will be voted in. I have no doubt about it. Everyone has their "marching orders" and it will go in without much dissent given the record of the Democrats for the past four years. The so called "moderates" Snowe, Chaffee and Collins will vote the party line . Oh there will be lots of posturing and shouting on C Span if anyone is interested in watching the circus, but it will go through.

And the goals of the Bush crime family will have been partially completed. Next? The public school system. Next, women's rights to their own bodies. Next? Privatisation of everything that will and can make a substantial profit,including prisons, Next? satisfy the religous right and declare all thiese things are the acts of a god that speaks to the president, not to mention the war in Iraq, that is racking up billions for corporations, while thousands die and while our money is going to support that.

'Feh

[okieinpain]

8. he's close, but he's only really got 2 years. and he has to find

an answer to iraq. I truly believe that iraq is going to control the agenda. after the midterms the repugs will be to frighten to take on anything controvsial because of the 08 elections.

we need to make a showing in the midterm elections. I hate to say that iraq going badly might help. but it is probably the only thing that is going to slow the repugs down.

[Cinletharwi]

3. How can they pay current retirees their current benefits if part of

the funds are diverted out of SS into private accounts?

Can they, in reality, do this without cutting current benefits being paid? How will they fund the difference?

[bearfan454]

4. They can't.

That's the plan. The quicker dumbass can bankrupt Social Security the quicker he can get rid of the whole program. What stocks will people put their SS money into ? Enron, Global Crossing, Tyco ? By the time people realize what has happened and they don't have any money to live on it will be too late. I hope I'm dead by then.

[Cinletharwi]

5. My folks just retired

And they voted for this! My folks believe it won't affect them. It's insane.

It's hard to believe they can really get away with this, but after watching them over the past four years I expect they will wrap it in a flag and call it something wonderful.

Even so, when the people realize what has happened, how do the politicians doing this expect to ever get re-elected? Bush doesn't have to worry about that now, but lots of 'Reps' do.

[Norquist Nemesis]

7. My folks too!

At least I think they did...I told my staunch Republican dad not to email me anymore of the Kerry lies and haven't heard from him since! (took three demands on that though!)

Thing is...before retirement, he was a small businessman (which is another story as to why he wasn't successful, besides having a selfish Repig ideology!). Now, he's living full-boat off social security and getting the medicare benefits...but did HE pay into it? NO!!!!! Yet, he thinks he's 'entitled' to it! WTF???

[FlaGranny]

15. How did your father not pay into

Social Security? My husband has a small business and he certainly pays into it (self employment tax). In fact, that's the biggest tax we pay. Did he manage to show a loss every year?

Just curious - you don't have to answer if you don't want.

[genieroze]

16. but did HE pay into it? NO!!!!!

How, you need to work 40 quarters to collect.

[natrat]

19. you all are clinging to the notion of accountability through election

w/ these e-voting machines they can throw an election just like that. They are bold and fear no retribution. That is the mother of all dark clouds. Ouch.

[Justitia]

6. They have NEVER ANSWERED this question -eom

[Florida_Geek]

9. check the Lindsey (sp?) plan

It is somewhere on DU. It is a plan given to Bush that to help pay for the missing SS money, they would take it from the profits of the people putting money into the stock market. It works like this "big government" will figure out the growth rate you need for your funds in the private part of the Bush SS plan for retirement. Lets call it 2% per year. Now under the Lindsey plan if your stock goes up 10% in a year, then they will sell off 8% and put the money in the SS fund.

Young workers will LOVE this....

[The Zanti Regent]

11. More Red Ink!

It will cost a minimum of 2 TRILLION DOLLARS to finance this ponzi scheme.

You know what will happen, since Nazi Republicans have such a love affair with red ink!

You also know what Nazi Republicans will do--blame Bill and Hillary, and the lemmings will believe them.

This is designed for three purposes:

1) Bankrupt Social Security,
2) Weed out the weaker population (elderly and disabled, that Survival of the fittest shit that Ayn Randians love) and
2) give more $$$ to churches.

After all, President Asshole says that the truly needy should be helped by Churches and not government.

[snippy]

12. Probably borrow the money and blame the increased debt on the democrats.

They will lie and obfuscate and confuse and screw the middle class. After all, they are republicans.

[wordout]

14. one word...

Pandemic

[tlcandie]

20. maybe they can turn to those churches that have all that money

fine cars, fancy buildings, gyms, tracks and all that? :shrug:

[Carolab]

10. Thoughtful economists

are saying this cannot possibly work

[underpants]

13. "Marching orders" Geesh is EVERYTHING military with them?

Oh but "business" wants it so it must be great! Uh-huh.

[strategery blunder]

17. "putting our marching orders together and moving forward"

Would this be the Armies of KKKompa$$ion marching?:scared:

[Zorra]

18. They are going to Enron these accounts - "The Perfect Scam".