Tuesday, January 04, 2005

Bush Scams the Elderly, Infirm

Having taken on such tough opponents as the Warlords of Afghanistan with their frightening horse-and-stone technology, and the powerful state of Iraq which was known to house weapons of minor destruction, GW Bush now moves to attack the fearsome elderly and infirm populace.

Remember when he said he wouldn't cut Social Security benefits? Oops! Turns out he "flip-flopped" on that one! Strangely, when Kerry said that Bush was planning to cut Social Security benefits, Bush and factcheck.org called him a liar. Maybe he's more like a prophet.

The really horrifying thing is that Bush is not just fixing something that ain't broke, he's throwing it away completely. Current estimates say the system will pay out until 2052, after which it will still be at 80% capacity to pay out. That's important, and needs attention, but hardly calls for junking an entire system that's been so effective up to this point.

Bush's plan calls for putting brokers in charge of your retirement. And maybe the brokers will note that the safest investment is government bonds, and they'll pull all the Social Security money out of it's crazy investment in government bonds (where it's been sitting since the program was started), and put it in nice, safe government bonds. Wait a minute...well, at least this pointless churning will produce some nice brokerage fees.

Then again, maybe getting Social Security out of government bonds is a good idea, at least if George Bush remains in power: the current devaluation of the dollar means those bonds could become far less attractive to foreign investors.

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