Bush's Big Bet: Risking His Capital

Newsweek ^ | 02/07/2005 | Howard Fineman

[drt1]

NewsweekFeb. 14 issue - He got the ball rolling at the State of the Union. But it's no ordinary fight. On trial: America's core belief in the social contract, and its faith in the private sector.

In the abbreviated genealogy of wristband empathy, "Live Strong" yellow was first, followed by pink for breast cancer, blue for tsunami relief and olive green for the troops in Iraq. Now Rock the Vote, a youth-oriented grass-roots group, hopes to make a new jewelry statement. The color is unchosen but the message is settled: "I [Heart] Social Security." In tandem with AARP, the seniors' lobby, Rock the Vote wants to rally youth to defend Social Security as it is—and block President George W. Bush's sweeping plan to change it. Known for using pop stars to glitterize voter registration, Rock the Vote has forged an intergenerational bond with AARP to sponsor town halls, missions to Capitol Hill, an ad campaign—and, perhaps, a concert or two by retirement-age rockers. Think, say, the Eagles, not taking it easy. "We have great brand compatibility with the AARP," says Rock the Vote's Hans Riemer. Both groups, he says, see the president's plan as too risky, and the wristband slogan—like Social Security itself—as "retro chic.".....

[NaughtiusMaximus]

Rock The Vote? They did so well in getting Kerry elected! What a bunch of maroons! I'm proud and happy that they're on the other side.

[drt1]

"I'm proud and happy that they're on the other side."

Yeah, kinda like Dean as the Dem Chair isn't it.

[ClearCase_guy]

America's core belief in the social contract, and its faith in the private sector.

1) I associate the concept of a "social contract" with Rousseau and the beginnings of socialism. I do not consider America to have a "social contract". What would it be?

2) The private sector is all there is. If you have no faith in the private sector, you have nothing. This is the same thing as saying "The government has no money -- all money comes from the private sector."

[SuziQ]

Known for using pop stars to glitterize voter registration, Rock the Vote has forged an intergenerational bond with AARP to sponsor town halls, missions to Capitol Hill, an ad campaign—and, perhaps, a concert or two by retirement-age rockers.

Yeah, like those retirement aged rockers are gonna have to depend on their Soc. Security in their 'old age'. Just another attempt to emotionalize a problem that requires some critical thinking, something the kids are sorely lacking today.

[The Wulf]

I am already putting money away in places I know it will still be when I am ready to retire. No way in heck am I depending on something like Social Security to be there for me. I hate how some people just bow it off with the thought that they don't have to worry about planning for retirement because their Social Security will be there for them. I would rather stop that money from coming out of my personal funds so that I could allocated it where I view fit. But hey, i'm just a 'young-in' that obviously doesn't know whats best for me, or that the people asking for my bank information by E-mail aren't really from the bank ;)

[drt1]

One has only to do the math and Social Security is revealed as a gigantic Gov't rip-off. During my MBA studies I did just such a study and it showed that, if all funds paid to the Gov't were invested t a relatively lousy rate of return of 5%/Year the 'Benefit' received by a retiree at age 65 was five times what SS would provide on a yearly basis. The kicker, when the recipient died there would still be a balance in the fund in excess of 1.5 Million $ for his heirs.

IMO Politicians of both sides have been using this money in the worst possible ways and in the process have betrayed their citizens. If a private pension fund manager had perpetrated what these people have they would be in jail and fined the amounts lost from their incompetence or theft - Full stop.