Monday, February 21, 2005

Bush plan is the "Bad Deal"

FDR's "New Deal" worked to create a fair safety net that didn't discriminate based upon age. Bush the second's unfair "Bad Deal" is age biased.

In your 40's? You're the prime target for age discrimination by the Bush administration's expensive Social Security privatization plan. According to an analysis from the Oregonian newspaper, the risky Bush plan gives you 7% less than the current stable Social Security plan. That's even assuming a historic 4.6% return after inflation and fees.

Older workers (age 50 to 55) fare a bit better, only getting 3% less than they would now.

Income has relatively little bearing on how individuals would fare under changes. Workers in their 40s who are paid twice the national average wage and those paid half the average would lose approximately the same share of benefits as those paid the average wage.

People over 55 will see no change, and those in their 30's may do a little better if the predictions of historic returns hold up.

What this does is create three Social Security systems. A guaranteed one for the retired or nearly-retired, a risky one for younger workers and just a "Bad Deal" for those inbetween.

Thankfully, the AARP is not falling for Bush's "divide and conquer" strategy. The AARP is spending $10 million to combat the millions of taxpayers dollars the Bush administration is pouring into the campaign to promote the "Bad Deal".

Not content to have just tax dollars promoting this windfall for investment firms, a private Bush support group has hired some of the people who worked on the slanderous "Swift Boat" ads to counter the AARP
"They are the boulder in the middle of the highway to personal savings accounts," said Charlie Jarvis, president of USA Next and former deputy under secretary of the interior in the Reagan and first Bush administrations. "We will be the dynamite that removes them."
Luckily, even the Republican Congress is wary of the Bush plan. The truth about the "Bad Deal" will be louder than the Neo-Con propaganda -- but only if you give the truth voice. Be vocal, call your representative, write the paper, and correct the media when they only rely on Bush administration figures and don't check things out for themselves.


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