Tuesday, January 04, 2005

pinions of buddy don: day of reckonin?

thays been a slew of articulls lately on soshul securty. them thats been trine to dismantle it frum the day twuz started claim tiz in a crisis, that we gut to do sumthin now or face a day of reckonin.

when is that day? this feller name of edwin j feulner over at the heritage foundation claims tiz 2018. heres how he puts this dishonest claim:
The revered entitlement program seems fine, but it needs fixing. Starting in 2018, Social Security will start paying out more than it takes in through taxes.
tiz a common lie thats bein tole all over the place. fack is, soshul securty has dun been payin in add vants jes to cover this day, witch we started a'doon that back when president raygun n alan greenspan raised soshul securty taxes on us all back in 1983. that money wuz spozed to be locked away n makin a good rate of interst in a verr secure investment, u.s. gummint bonds.

now tiz gittin close to time to pay em back n folks lack dr feulner wonts us to thank they shouldnt have to pay us whut they owe. n no wunder: ifn thar a'gone make good on that debt, they wont be able to make them tax cuts on the rich a permanent thang. we dun spent all the money on tax cuts fer the rich n a unneeded war in iraq, a'wipin out the surplus without payin off no bills, n runnin up the highest deficit in our histry.

now they a'gone save soshul securty lack they dun falouja: dismantle the hole program. take it frum bein a secur insurants policy fer all to bein a way sum folks (mos of em wurk on wall street n i know a bunch of em whose dun countin thar future profits) kin git even richer than they dun alreddy are.

fack is, evertime they recalculate how long tiz a'gone last, the number goes up. in 1994 the figgerd twood last till near 2035. now they figger twill be either till 2042 or 2052, dependin on whos doin the calculatin. ifn the economy keeps on a'growin moren they perdick -- moren 1.9% a year, that is -- then twill be a hole lot longer till thay aint a nuff to pay us all whut we dun been promissd.

corse, ifn the ecomony performs so bad -- 1.9% growth -- over the next 50 years, then investin in stocks wont git ye nowhar. ye wood have a lot more risk, no insurants fer when yer disabled or sick or lose yer parent, no perteckshun agin the day when folks takes that money n uses it fer sumthin else. purty soon we kin have us our own hoovervilles of ole folks that aint gut nuthin.

wunder ifn them japanese n chinese that owns a huge chunk of our debt -- a lil under $4 trillion of it -- wunder ifn they wood accep puttin sum of that money into the stock market in sted sos we woodnt half to pay em back? wood they lack that? or woodnt they have dun bought stock in the furst place ifn they wonted a riskier investment with a possibull higher return?

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