February 05, 2005

The Better Deal Swill

I can't get over a nagging suspicion that the Social Security reform proposed by G.W. Bush is more than just an attempt to restructure the American Society and it's economics in line with the radical neo-conservative ideology. I think it is a necessity meant to minimize liability for running the country into bankruptcy... The last 4 years of Bush presidency have propelled the country deep into a budgetary deficit, the upcoming 4 next, will only exacerbate the ailing financial affliction. An article in the National Review, Is the Money Where W’s Mouth Is? chronologically delineates Bush's inability to resist squandering our tax money:
    We should not forget that over the past four years, Congress and the president have cooperated to produce a 30-percent increase in spending, including a 36-percent increase in non-defense spending.
Not only has America been subjected to an unnecessary loss of life and resources in an unjustified war in iraq, but the government under G.W. Bush's lead swelled it's discretionary spending as if the country wasn't at war, as if the growing deficit would never have to be repayed.
    Although we should not obsess over the deficit per se, we should read it for what it is: a glaring sign that this administration is doing a very poor job with our money.
(Links via andrewsullivan.)
And now, G.W. proposes revamping the Social Security System. And no, it is not to lay his hands on the Social Security Trust Fund, because it is empty, but to eliminate the responsibility of ever having to repay it. It is an autocratic debt pardon to himself and the republican party. Isn't a cost of roughly $750 billion, according to an administration official to put the program into place, worth ever having to worry about coming up with 5.7 trillion to sustain the retirees between 2018 and 2041 when the Trust Fund money would kick in, if it was ever available? However, if Peter R. Orszag is right in his estimates: the program would cost the government over $1 trillion in the first 10 years the accounts were in place would be over $1 trillion and more than $3.5 trillion in the second 10 years, the administration only transfers the fiscal problem from empty into hollow, creating a veneer of remedying an ailment it is largely responsible for in the first place.