Those of us who have followed and written about George W. Bush’s life before he became President, are not at all surprised by his “solution” for our ailing national retirement plan, Social Security. Throughout Bush’s pre-political days in the business world he never spent a red dime of his own money but rather risked other people’s money to make millions for himself. Even when his business venture failed, which was more often than not, Bush not only did not lose any money personally, but usually walked away his pockets stuffed with stock, cash or both.
Even though all those alleged business deals were actually arranged by Bush family friends, George saw it all as affirmation of fiscal brilliance – the Midas touch of an idiot savant.
Administration officials estimate that Social Security faces a long-term financial shortfall of $10.4 trillion, mainly to cover the burgeoning costs of old-age benefits as today's baby-boom generation enters retirement.
With Social Security heading for insolvency Bush and his supply side sidekicks have decided the best way to save it is to begin dismantling it. To get that process going he wants to let today’s workers put a portion of their SSI deductions into private savings accounts to invest as they see fit.
There’s only one problem. Doing so will starve the already starved Social Security Trust Fund of about $2 trillion. How does Bush intend to replace that so that those about to retire don’t get short changed? It’s a secret. He is not saying. All we know is what he says he won’t do.
He won’t raise payroll tax limits from their current income limit of $87,000 in wages.
He won’t cut benefits.
He won’t raise other taxes.
So, what does that leave? Well, the same thing that seemed to work so well for Bush during his business career, borrow. Use other people’s money – in this case our kids and grandkids money.
With the national debt already pushing $8 trillion, what’s another $2 trillion? A drop in the bucket – someone else’s bucket.
To George it’s just another loan and, like all the other money he borrowed over the years, he won’t have to pay it back. Life for George W., you see, has been a carefully choreographed win/win affair from day one. (Born with a silver boot in his mouth, as Molly says.) He literally could not lose, which explains the permanent smirk.
Trouble is this time when he leaves the table thumping his chest in self-declared triumph; he will be sticking us with the tab.
