Personal Accounts Tank in Polls, GOP Says (social security reform)

Yahoo News/AP ^ | March 8, 2005 | DAVID ESPO

[snowsislander]

How will Congress replace the lost revenue? Borrowing more money through Treasury Bonds. The additional borrowing will increase the national debt, which means that we will have to pay more to service the debt annually.

Also, as interest rates rise, we will have to pay more as we create new debt and rollover old debt. It could get quite expensive since interest rates are at quite a low spot right now.

[snowsislander]

You'd think after they "accidentally" couldn't get the election right 3hrs before the final count, that people even pay attention anymore.

Yes, pollsters certainly appear to be third-rate hucksters; there are now enough of them out there predicting the presidential campaigns that at least one usually can come close enough to crow victory, but I cannot imagine why anyone pays any attention to them since most are naturally anywhere from off to way off. And I certainly cannot see why anyone would pay for such shoddy work.

[kabar]

Exactly. The impact on our economy will be devastating should inflation and increased interest rates kick in.

[ran15]

If kabar is right that already 17 cents on every dollar is spent on interest, then its even more painful then I thought. Interest rates only have one place to go.. up. And especially if we don't look like a great investment to the Asian creditors, they are going to want a higher rate of return.

I can see if the nation was in real jeopardy of being destroyed by a hostile power.. borrowing from foreigners as a last ditch effort. But to finance an entitlement program seems suicidal.

[kabar]

http://www.businessforum.com/debt01.html

[Sun Soldier]

"...and rip a 15 foot tapeworm out of her gut."

I like my analogy better. A tapeworm doesn't need to be replaced with anything after you rip it out.

[jla]

Do you or do you not believe that the money now removed from one's earnings via FICA belongs to that person?
If so then who are you to tell that person how their money should be invested? The entire point of all this is to gradually, (over several years or longer), allow citizens to completely divest oneself from the FICA scheme and plot their own course.

[jla]

Thus Bush cannot really make the case, and will not make the case.

Bookmarking to later serve back to you, along with your foot and a serving of crow.

[Torie]

and plot their own course.

With the government of course there to pick up the pieces if necessary. This society will not tolerate old folks having to hold up signs, "Will work for food."

[Torie]

Fair enough. Get back to me one way or the other, OK?

[jla]

With the government of course there to pick up the pieces if necessary.

I see the glass is always half empty in your mind. I have a little more confidence in the positive repercussions of freedom. And this, make no mistake about it, is about economic freedom.

[Citizen of the Savage Nation]

So much for the greatest generation. Even though they won't be affected, the old geezers will still prevent reform to the system until it is totally bankrupt for us younger folks.

Of course, what do they care? They suckered us into subsidizing their hypochondriac lifestyles, so they got what they want.