If Peter Orzag's calculations are correct in this New York Times article, in the first 20 years of privatization, it would cost $4.5 trillion dollars to shore up a system projected to run a $3.4 trillion deficit over 75 years. Bush wants to commit the government to an unnecessary extra $1.1 trillion of spending that will still result in my benefits getting cut when I retire.Atrios agrees and spells it out in plain English: The Bush Administration wants to borrow an extra trillion so they can cut everyone's benefits by 40%.
Guess where all that money (yours and mine) is gonna go?
And Bush's quote in the previous post about passing the money on to your children and grandchildren -- it was a bold-faced lie. ... AP: "Any funds that remained available under these annuities after death would go to the Social Security program; the money could not be inherited."