Oberstar says Social Security crisis invented

[Dickie Flatt]

http://www.duluthsuperior.com/mld/duluthsuperior/10646638.htm

U.S. Rep. Jim Oberstar said today in Duluth that Social Security will be the "defining issue" of the upcoming 109th Congress, noting the Bush administration wants to drastically change the 70-year-old retirement program.

Oberstar, D-Chisholm, said the administration is "manufacturing" a crisis to funnel more of the public's money into the stock market and make Wall Street millionaires even wealthier. ...

Independent analysis of the Social Security appears to back Oberstar's claims. Social Security is projected to start paying out more in benefits than it collects in taxes in 2018, according to Social Security trustees, but will be able to pay full promised benefits until 2042 even if no action is taken.

The nonpartisan Congressional Budget Office also has projected Social Security will be solvent until at least 2052 with no action by Congress.

[Dr.Phool]

1. I wish they'd use the right words

Instead of saying Bush is manufacturing the crisis, just say, very loudly, "THE LITTLE FASCIST IS LYING AGAIN!!!!!"

[katinmn]

2. Good reporting from the Duluth News Tribune

Independent analysis of the Social Security appears to back Oberstar's claims.

Too many reporters simply report the admin's claims as fact. Glad this paper looked beyond the WH news releases.

[Eric J in MN]

3. The Social Sec. Trustees are Bush appointees.

Even they say it's solvent until 2042, while the non-partisan Congressional Budget Office says 2052.

The reporter shouldn't have described the analysis of the Trustees as independent, since it uses dubious economic growth assumptions (worse growth than likely) to make things look worse.

[no name no slogan]

4. Their growth assumptions, IIRC, are an annual avg of 1.7%

Considering that the average annual growth rate during the Great Depression was 1.9%, their assumptions are SERIOUSLY flawed.

One of the best pieces on the imminent Social Security collapse fraud was by Doug Henwood of the Left Business observer-- all the way back in 1998. It's still relevant today.