Newsday slaps Bush around on Social Security

Money shot:

Social Security is not nearing bankruptcy. The program won't dip into deficit for 37 to 47 years. Modest tweaks in taxes and benefits could keep it solvent for decades more. And Bush avoided the dirty little secret of private accounts: that they will do nothing to help keep Social Security solvent. Benefits will have to be reduced and/or taxes increased, with private accounts or without them.

He also didn't much dwell on the reality that a transition to private accounts would be costly - $664 billion in the first decade the White House said, as much as $2 trillion according to other analysts. That money would be needed to continue paying benefits to retirees while money is siphoned into the accounts, and it would probably have to be borrowed. The result? Bigger deficits and more debt passed on to future generations, the very people Bush says would get a better deal from his accounts.

I'll be reading the full address later, but click the link and read the whole thing. They do a pretty good job of completely discrediting this garbage.

BUT.

Once I read the address, I'll have a better feel, but apparently he mentioned reforming the tax code. My gut says Social Security is a bait & switch. He'll get modest "reform", maybe private account add-ons, and then go gut the tax code. We'll see.


[edit]Bush is in trouble. The Daily News is calling BS on him.