DOGG
28-04-2005, 10:00 AM
Last night, in a rare Monday night session, the Ways and Means Committee of the United States House of Representative voted 22-1 against a resolution which would require the President to produce documentation supporting his oft-repeated claim that there is no Social Security Trust.
The action stopped a Resolution of Inquiry from proceeding to the full House for a vote. I introduced the resolution last month after President Bush had claimed in a meeting in New Hampshire that "there is no Social Security trust." He has since repeated the assertion. The implications of the President's assertions about the Social Security trust fund are quite serious for the 48 million Americans who currently rely on Social Security, and for those who will become recipients in the future.
According to the Social Security Administration's own trustees, Social Security has $1.68 trillion in the Trust Fund. According to the Social Security Administration the surplus will grow to over $6 trillion.
Most interesting, however, the President's assertion that there is no Trust Fund comes at a time when the Administration has borrowed over $637.4 billion from the fund obtained in highly regressive taxes on American workers. That borrowed money is, in effect, being used to help fund an illegal war and to pay for tax cuts for the wealthiest Americans.
Continues (http://www.buzzflash.com/contributors/05/04/con05150.html)
The action stopped a Resolution of Inquiry from proceeding to the full House for a vote. I introduced the resolution last month after President Bush had claimed in a meeting in New Hampshire that "there is no Social Security trust." He has since repeated the assertion. The implications of the President's assertions about the Social Security trust fund are quite serious for the 48 million Americans who currently rely on Social Security, and for those who will become recipients in the future.
According to the Social Security Administration's own trustees, Social Security has $1.68 trillion in the Trust Fund. According to the Social Security Administration the surplus will grow to over $6 trillion.
Most interesting, however, the President's assertion that there is no Trust Fund comes at a time when the Administration has borrowed over $637.4 billion from the fund obtained in highly regressive taxes on American workers. That borrowed money is, in effect, being used to help fund an illegal war and to pay for tax cuts for the wealthiest Americans.
Continues (http://www.buzzflash.com/contributors/05/04/con05150.html)