Nbadan
12-06-2004, 04:49 AM
Calling the current system of Social Security benefits unsustainable, a top economic adviser to President Bush on Thursday strongly implied that any overhaul of the system would have to include major cuts in guaranteed benefits for future retirees.
"Let me state clearly that there are no free lunches here," said N. Gregory Mankiw, chairman of the Council of Economic Advisers, at a conference on tax policy here.
"The benefits now scheduled for future generations under current law are not sustainable given the projected path of payroll tax revenue," he added. "They are empty promises."
Mr. Mankiw's remarks suggested that President Bush's plan to let people put some of their Social Security taxes into "personal savings accounts" would have to be accompanied by changes in the current system of benefits.
NY Times (http://www.nytimes.com/2004/12/03/politics/03social.html?ei=5094&en=e17907d682b7ee8f&hp=&ex=1102050000&partner=homepage&pagewanted=print&position=)
I wonder if people who have paid into the SS system for 30+ years consider their benefits 'free lunches'? I know, how about this?
I won't even ask for a free lunch, if they:
1. Return everything, penny for penny, that was 'AUTOMATICALLY' deducted from my pay check and my employers contribution since that would have been part of my pay.
2. You pay me the investment interest which may have accumulated in an S+P Fund, cumulatively since 1966.
3. Then you can lick my hairy balls. How's that for a 'free plate'?
"Let me state clearly that there are no free lunches here," said N. Gregory Mankiw, chairman of the Council of Economic Advisers, at a conference on tax policy here.
"The benefits now scheduled for future generations under current law are not sustainable given the projected path of payroll tax revenue," he added. "They are empty promises."
Mr. Mankiw's remarks suggested that President Bush's plan to let people put some of their Social Security taxes into "personal savings accounts" would have to be accompanied by changes in the current system of benefits.
NY Times (http://www.nytimes.com/2004/12/03/politics/03social.html?ei=5094&en=e17907d682b7ee8f&hp=&ex=1102050000&partner=homepage&pagewanted=print&position=)
I wonder if people who have paid into the SS system for 30+ years consider their benefits 'free lunches'? I know, how about this?
I won't even ask for a free lunch, if they:
1. Return everything, penny for penny, that was 'AUTOMATICALLY' deducted from my pay check and my employers contribution since that would have been part of my pay.
2. You pay me the investment interest which may have accumulated in an S+P Fund, cumulatively since 1966.
3. Then you can lick my hairy balls. How's that for a 'free plate'?