DNC: Top White House Economist Contradicts Bush

[MaineDem]

For Immediate Release
May 12, 2005

Contact: Karen Finney
202-863-8148

Top White House Economist Contradicts Bush
Hubbard Admits Accounts Can't Be Passed On; Survivor Benefits to be Cut

Washington, DC - For the past few months, while pitching his plan to privatize
Social Security, President Bush has repeatedly assured Americans that their
accounts could be passed on to their children and that the government would not
slash survivor benefits. But, yesterday's remarks by the Bush administration's
top economist indicate that neither of these statements is true. According to
White House estimates, up to 30 percent of lower income Americans won't be able
to leave their accounts to their children. The White House also admitted that
it plans to cut survivor benefits for middle class Americans.

"President Bush needs to stop misleading the American people and come clean
about the details of his privatization scheme," said DNC spokesman Josh
Earnest. "Under his scheme, the only thing that Americans will be leaving to
their children is trillions in debt and reduced benefits."

BUSH RHETORIC
President Bush: Private Accounts Can be Passed On. "I want more people being
able to say, this is mine, the government can't take it
away*And when you pass away, you can leave it to whomever you choose. That's a
part of America." 5/4/05]

REALITY
White House: 30 Percent of Lower Income Americans Won't Be Able to Pass On
Accounts. "The President's point man on Social Security, National Economic
Council Chairman Glen Hubbard, recently conceded that not everyone would be
able to pass their account along to heirs. A White House analysis concludes
that about 15 percent of all retirees would likely not be able to pass along an
inheritance - a figure that rises to 30 percent for those with lower lifetime
wages because they would have to spend their entire personal account to make
sure they remained out of poverty during their retirement."

BUSH RHETORIC
President: No Plans to Cut Survivor Benefits. " said he has no plans to
cut benefits for the approximately 40 percent of Social Security recipients who
collect monthly disability and survivor payments as he prepares his plan for
partial privatization."

REALITY
White House: Survivor Benefits for Middle Class Americans Will Be Cut.
"President Bush's preferred approach for Social Security would mean smaller
survivor benefits for middle- and upper-income children and widows than they
are now promised, a top administration official said Wednesday." Times, 5/12/05]

**********

Paid for and authorized by the Democratic National Committee, www.democrats.
org. This communication is not authorized by any candidate or candidate's
committee.

[blm]

1. Recommended. Great catch, DNC.

.

[jilln]

2. I know an economist...

who will be looking for a job soon.

[LSparkle]

3. "This is mine. You can't take it away."

I, me, mine. That's all that man thinks about -- PRIVATE EVERYTHING. I don't think he's even aware of the word "communal" or "community."

[SangamonTaylor]

12. the sad thing: Bush is trying to 'sell' the program to the 'me generation'

I'm a young person (about to turn 25) and I am really bothered by

My grandmother worked for one of the first Republican governors of Tennessee. However, she always had great respect for FDR, the new deal, and the

This young American will NOT be misled.

I actually had to explain to my parents why I did not favor Bush's SS 'plan'. They are ardent Republicans (have a picture of George and Laura on their refrigerator right next to mine) but I find that they actually tended to agree with me (or at least placate me) when I explain to them that I wasn't about to breach the intergenerational social contract that we have made with our elderly. I told them straight out that there is NOTHING private about SOCIAL security.

There is NOTHING 'private' about SOCIAL security.

[Double T]

4. OH MY GOD !!! There is at least one intelligent being within....

....the White House that can seperate truth and reality from lies and deception.

[whistle]

5. These dribbles and drabs that come out about how Bush's....

...privitization program of social security, just can't work are really soft curve balls to the real issue.

GEORGE BUSH LIES and the entire agenda is to dismantle social security so that the wealthy will never have to pay out the surpluses they have already spent and the $40 trillion in future obligations on social security. The same wealthy Bush base of stockholders and members of corporate boards of directors are welshing on pension programs in major corporations, saddling the American tax payers with the bills. All of this orchestrated and executed by BushCo in the last four and one half years.

[Kerrytravelers]

6. Where is the loyalty? How dare they speak against *!

:eyes:

[patricia92243]

7. Sell your house in order to feed yourse - sayrs Republican senator.

Senator George Allen (R-VA) on Meet the Press, May 1.
On private accounts, he suggested that AMERICANS MIGHT HAVE TO SELL THEIR HOMES TO SURVIVE IN RETIREMENT. But, that would be a good thing, because they wouldn't have to trim hedges and cut grass, he noted.

In fact, he was trying to reassure people who are uncomfortable about investing in the stock market with private accounts. So, he recognized that those who do, might reduce their retirement savings in the event of a market downturn. But, he thinks allowing your own home to be your investment would get around that. Although, IT WOULD FORCE YOU TO SELL IT WHEN YOU RETIRE IN ORDER TO FEED YOURSELF.


http://www.sundaymorningtalk.com/smt/2005/05/sen_allen_...

[Fire Walk With Me]

9. Plus, only the rich would own property. No problem! They'll rent to us!

"Company store".

[FDR Democrat]

8. Ike Predicted GOP Demise Over Social Security

"Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history. There is a tiny splinter group, of course, that believes you can do these things. Among them are...a few other Texas oil millionaires, and an occasional politician or business man from other areas. Their number is negligible and they are stupid."
- President Dwight D. Eisenhower, 11/8/54


President Bush, a Texas oil millionaire, is trying to abolish social security as we know it, starve unemployment programs, weaken labor laws, and gut rural/farm programs. In light of this appalling record, let's hope Ike was right about his party's future.

[wicket]

10. Excellent!

:kick:

[eleny]

11. Dum-Da-Dum-Dum

Du-u-u-u-u-ummmmmm!!!!!!!