President says, ‘There is no trust fund’

[spotbird]

Bush: Social Security trust fund ‘just IOUs’
President says, ‘There is no trust fund’





updated 1:47 p.m. CT, Tues., April. 5, 2005
PARKERSBURG, W.Va. - President Bush on Tuesday used a four-drawer filing cabinet stuffed with paper representing government IOUs that he said symbolized the Social Security trust fund’s bleak outlook for meeting Americans’ future retirement needs.

“A lot of people in America think there is a trust — that we take your money in payroll taxes and then we hold it for you and then when you retire, we give it back to you,” Bush said in a speech at the University of West Virginia at Parkersburg.

“But that’s not the way it works,” Bush said. “There is no trust ‘fund’ — just IOUs that I saw firsthand,” Bush said.

http://www.msnbc.msn.com/id/7393649/

[ixion]

1. in other words: IT'S A FRAUD

:grr:

[spotbird]

2. In other words all federal debt is a fraud. nt

[Xipe Totec]

3. IOUs signed by George Dubya, who took the money for his cronies nt

[Skidmore]

18. It's not just * and his cronies. The SS funds have been raided for many years now.

By administrations and congresses headed by both parties.

[ThomWV]

4. There is no such place as "The University of West Virginia"

No such place exists in the state of West Virginia.

[originalpckelly]

16. Probably screwed up the name of West Virginia University.

[LaurenG]

5. So didn't bush clean everything out for his war and leave IOU's?

Then when that wasn't enough he borrowed from China and Japan. I sit here wondering why no one points the finger at this weeny pres when it's his greed and the encouragement he gave his cronies to clean us out and hang us out to dry.

[Submariner]

6. It stands to reason that Bush's counterfeit pretzeldency was paid

for lock, stock, and barrel with whatever his treasury department printed out for his criminal dictatorship.

[a kennedy]

7. and everyone thought Al Gore's "lock box" was a joke.....

:mad: :mad: :mad:

[spanone]

8. if this were any other nation we would march on dc and run the fuckers out of office

[bdamomma]

13. why aren't we?

what are we waiting for?

[shadowknows69]

23. I'll say it, no one wants to actually die for liberty

And that's precisely what would happen. We're on the cliff peering over the edge.

[Jim__]

9. Treasury Securities are IOU's backed by the federal government.

Did bush really think they were stuffing money into a mattress?

[eShirl]

10. Then those IOUs should be PAID IN FULL before Wall Street sees one red cent!

[spotbird]

14. Exactly.

It's not like he didn't warn us four years ago.

[Romulox]

25. Paid in full by WHOM? Your great-great-grand kids? Taxpayers, not business are on the hook. nt

[Clear Blue Sky]

11. There never was a trust fund in recent times, in spite of what we are told.

It is a 'pay as you go' scheme.

[Vickers]

12. I'm thinking a federally-backed IOU carries some weight.

:eyes:

Or is he saying he's going to fuck over common Americans?

:shrug:

[spotbird]

15. Fuck America

without a kiss goodnight.

This photo op was taken during the move to privatize Social Security in 2005.

[Romulox]

20. An IOU is, by definition, not a "fund". nt

[Romulox]

22. Edit: responded to wrong post.

[kenny blankenship]

28. he's going to fuck over common Americans?

Well I think that's what he ran on...

[CJCRANE]

17. I thought this was from the Onion

at first.

Seems like a parody to me.

[merh]

19. Is there a fund that protects his retirement and/or the retirement

of the members of congress?

[BraneMatter]

21. Gee...

I wonder what, say, a trillion dollars would do to help with that.

But I guess they would just steal that, too...

[Romulox]

24. He's right--Social Security is 100% pay as you go and there is no trust fund.

The IOU's in the so-called "trust fund" are debts, not assets. The payor and the payee on the note are the exact same people--the American taxpayers.

Don't believe me? Sign yourself out a note: "I owe myself one billion-trillion-zillion smakeroos!" Put it in the family safe. Feel rich yet?

[Lars39]

26. What was the purpose of him doing this?

This is the equivalent of throwing gasoline on a fire. I think Bushco wants bank runs and public chaos.

[TexasObserver]

27. that's why we need a Lock Box to keep his thieving hands off of it

[Generic Other]

29. real money changed hands! so there may be no trustfund but there are CROOKS!!!

Fucking scumbags should be behind bars NOW.

[Romulox]

30. The money went to the General Fund; the "crooks" are members of Congress. nt

[Mariana]

31. Sorry, won't happen. What they did was legal.

Isn't it convenient that the same Congress that spent all that money also wrote the laws that permitted them to do so? It was legal to spend that money on other things. Immoral and evil, but legal.