Bush seeks $1 trillion debt boost

Discussion in 'Politics' started by Godless, Feb 12, 2004.

  1. Godless Objectivist Mind Registered Senior Member

    Messages:
    4,197
    Hey!! we are rich, we rich how about a trillion dollars more for me to blow!!.

    Yes fokes, Pres.Dumb Ass is trying to get the US in so much debt that my childrens, children,children will be in debt for the rest of their lives. It's time to get this SOB, out of office, before theres an economical collapse like Argentina.

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    President Bush, saying the economic recovery is firmly in place, yesterday proposed adding $1 trillion to the national debt to fund the cost of shifting to a partially privatized Social Security system.
    The massive increase in debt, coming on top of a $7 trillion national debt that is growing by about $500 billion a year, adds controversy to what was already promising to be a difficult reform to get enacted.
    The debt increase is acknowledged in the 2004 Economic Report of the President, which was penned by the White House Council of Economic Advisers and released yesterday.
    The Social Security privatization plan has largely disappeared from Mr. Bush's speeches and budget blueprints, although it was a major campaign platform in the 2000 election. It was judged to be politically palatable at the time because it would draw on some of the government's large projected surpluses to finance transition costs from the current government-funded pension system.
    But those surplus projections have disappeared and been replaced by record federal deficits, and Mr. Bush had not previously revealed how he would fund the plan, which would enable workers to put some of their Social Security contributions into private accounts that are invested in stocks and other securities.
    Because Social Security relies on current payroll taxes to fund today's retirees, the question has been how to divert money to private accounts and still meet the pension program's obligations.
    Godless:
    It's time for the US to abolish the Social Security, and pay every individual CASH of what they've allready contributed to this fiasco, just imagine the savings we would have, and the rise of peoples income. The politician with the balls to push this through would be the sob. I would support. The moneys can come from S.S., from firing every individual that works this crapy program, and selling all properties nation wide, in essense it could be done, however the US plans to play mom, and this ofcourse is a fantasy.

    More on the story here: http://washingtontimes.com/business/20040209-114428-9699r.htm

    Godless.
     
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  3. Undecided Banned Banned

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    If the American ppl are stupid enough to elect him again they deserve what they get. Which would be another $5 trillion of debt, and deficits not going under $400 billion. America has a choice collapse as and economic empire, and increase military spending to a Soviet-esqe bongle of $1 trillion by 2010, or the alternative reign in rampant military spending, cut forces and commitments overseas, increase social spending, halve those retarded tax cuts, and you got a chance.
     
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  5. zanket Human Valued Senior Member

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    3,777
    Bush does nothing except as it enhances money & power, so you should know why he wants to privatize social security. The reason is because in private accounts Wall Street can whittle away much of the money with fees and commissions. Also Friends of Bush will win the big contracts paid by the taxpayer to move the money over.

    If social security pays me, I’ll be pleased with the service. Keep in mind it’s also a disability & life insurance program and a pension plan (pays for the rest of your life) and very low risk (financially, not politically, speaking) so you can’t expect a high return.

    The main reason you should not want social security privatized is because millions of gamblers will give away their last-hope retirement money to Wall Street, and then the majority will feel sorry for them enough to end up subsidizing them in old age rather them let them die on the streets. That’s the reason social security was created in the first place, to force dumb people to save something for their retirement years so you don’t have 80-year-olds begging on your doorstep.
     
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  7. Pakman Registered Senior Member

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    Godless, that won't happen. The USA once had a debt peaking 128 precent of the GNP. Now it is a 'mere' 70%.

    You Americans have nothing to worry about. When your debt will grow unsustainable, I'll organize a food-aid for the starving US citizens.

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  8. Vortexx Skull & Bones Spokesman Registered Senior Member

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    ..when debt will grow unsustainable, a war will be created in order not to pay back the chinese investors
     
  9. cosmictraveler Be kind to yourself always. Valued Senior Member

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    The national debt and the deficiet both push down the value of the American dollar. It loses about 2 percent every year now in worth. Soon the American dollar will be worth nothing and the EURO will be the dominant currency in the world.
     
  10. Undecided Banned Banned

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    The US owes the rest of the World $3 trillion, soon enough when the American enduced depression starts they will want their captial back.
     
  11. cosmictraveler Be kind to yourself always. Valued Senior Member

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    And when will those countries that borrowed money from America ever repay their debts??? NEVER!

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  12. RonVolk Registered Senior Member

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    Undecided said, "they will want their captial back."
    Yea, so. How do they plan on collecting it?
     
  13. Undecided Banned Banned

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    4,731
    How? Simple the US will quickly lose her economic pre-eminence to China. China by that time will be so large economically that it will slow growth but it can threaten to stop all trade with the US, and sanction against US companies, Japan as well. Then what will the US do but go further down the hole. Soon enough, soon enough.
     

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