Bush holds frank discussion of Social Security

[Cocoa]

based on the transcript, this must be the train wreck I've been hearing about.




<snip>

MS. STONE: I wish we would have had a chance to put --

THE PRESIDENT: As additional -- as addition to the savings you set aside out of the personal savings accounts. I agree.

And that's -- so it's a -- this is a -- I hope you've -- I hope you have come away with a better understanding of the importance of this issue. I mean, we've got people of all generations here, people who say, look, this is an issue. And the fundamental question confronting the people elected to the United States Congress is, will they act? I will assure you, I'm going to ask them to act. I think that one of the reasons I'm sitting here is because I said to the people of the country, we have an issue with Social Security, we have a problem, I think it's important to be a problem solver; give me four more years, and I intend to work with people of both parties and solve problems. And there is a problem with Social Security. (Applause.)

More…

http://www.whitehouse.gov/news/releases/2005/01/20050111-4.html

[musette_sf]

1. "there is a problem with Social Security...

we haven't been able to game it to benefit My Base."

(actually, *'s comments are about as incomprehensible as the "tribal soverignity" comments were.)

[gnofg]

2. lousy salesman

I just saw Judy Woodruff saying that Bush has a lot of selling to do for social security. Here's a hint. Bush has always been a lousy salesman. I have been in sales for twenty years and he stinks. Great salesman were Reagan and Clinton. Bush comes across as a phony to about 50% of the people. If I was in a tight sales situation(Enterprise sales) I would readily welcome bringing either Reagan or Clinton into the closing meeting. I know we would walk out with the order. If I walked in with Bush we would probably be escorted out be security.

[noshenanigans]

3. Damn you, 43, for raising my blood pressure so.

THE PRESIDENT: The 1 or 2 percent that the money inside the Social Security trust now earns -- is that right? Is he right at -- is it even as high as 1 percent?

MR. BIGGS: No, it's -- right now it is low because interest rates are low. Over the long-term, we're looking at around 3 percent. So you still do have a --

THE PRESIDENT: So it's more than double. But right now, it's, like -- yes, never mind. (Laughter.) Don't worry about it. (Laughter.) You can still keep your job. (Laughter.) Go ahead. Seven and a half percent since 1924. That's a great rate of return. Imagine if you're 50 years old and you start -- if you start -- if you hold that money for 50 years at that rate, it compounds and grows and ends up being a lot of money, is what you're saying.

MR. McFADDEN: Yes, sir.

THE PRESIDENT: Yes, okay. I'm glad I invited you. (Laughter.)

[Cocoa]

4. lots of (laughter)

the room must have been packed with paid (laughers.)

[nostamj]

5. (Laughter.) (Laughter.) (Laughter.) (Laughter.) (Laughter.)

damn this POS! everything is a JOKE. EVERYTHING.

(Laughter.) (Laughter.) (Laughter.) (Laughter.) (Laughter.) (Laughter.)

NOT

[gnofg]

6. it's still the market

How much did the market grow the last 4 years. There is no guarantee in the market. Also SS goes until you die. If you invest and your run out of money what happens to you. Bush never thinks of the end of money.

[dweller]

7. Ed Schultz mentioned that percentage today

i think i heard 'since 1/19/01, it's grown at .04%'

he may be wrong, or i may have heard it wrong. You could check with his show archives later.
dp