To keep our economy growing, we also need reliable supplies of affordable, environmentally responsible energy
[this could not be more true; it’s a shame Bush isn’t talking about actual change, as we’ll see in a moment. What he is ostensibly talking about is reducing pollution and reliance on oil, which, while long overdue, may herald its own peril].
Nearly four years ago, I submitted a comprehensive energy strategy that encourages conservation, alternative sources, a modernized electricity grid and more production here at home, including safe, clean nuclear energy
[this plan could have been better received…].
My Clear Skies legislation will cut power-plant pollution and improve the health of our citizens
[unless, of course, you believe those crackpots over at the Sierra Club…].
And my budget provides strong funding for leading-edge technology, from hydrogen-fueled cars to clean coal to renewable sources such as ethanol
[or, if you don’t believe those crackpots over at the Sierra Club, how about those crackpots over at the American Chemical Society?].
Four years of debate is enough. I urge Congress to pass legislation that makes America more secure and less dependent on foreign energy
[I can’t imagine why Congress balked at such a right-minded plan, but regardless, it’s far from clear that “energy independence” is a realistic or reasonable goal].
All these proposals are essential to expand this economy and add new jobs, but they are just the beginning of our duty
[I don’t mean to be puerile here, but Bush’s inability to pronounce mid-word t’s leaves me no choice].
To build the prosperity of future generations, we must update institutions that were created to meet the needs of an earlier time
[uh oh…].
Year after year, Americans are burdened by an archaic, incoherent federal tax code. I've appointed a bipartisan panel to examine the tax code from top to bottom
[while this definitely needs to be done…].
And when their recommendations are delivered, you and I will work together to give this nation a tax code that is pro-growth, easy to understand and fair to all
[or at least, to the rich… look who’s excited about Bush’s plan].
America's immigration system is also outdated -- unsuited to the needs of our economy and to the values of our country. We should not be content with laws that punish hardworking people who want only to provide for their families and deny businesses willing workers, and invite chaos at our border
[here’s Bush’s plan as it stands now].
It is time for an immigration policy that permits temporary guest workers to fill jobs Americans will not take, that rejects amnesty, that tells us who is entering and leaving our country and that closes the border to drug dealers and terrorists
[not everyone is as excited about this as Bush is].
One of America's most important institutions -- a symbol of the trust between generations -- is also in need of wise and effective reform
[or, failing that, foolish and pointless reform].
Social Security was a great moral success of the 20th century, and we must honor its great purposes in this new century
[and by honor, we mean subvert].
The system, however, on its current path, is headed toward bankruptcy. And so we must join together to strengthen and save Social Security
[oh, really?].
Today, more than 45 million Americans receive Social Security benefits, and millions more are nearing retirement. And for them, the system is sound and fiscally strong
[or not].
I have a message for every American who is 55 or older: Do not let anyone mislead you. For you, the Social Security system will not change in any way
[this is only because the reform he’s planning is so huge as to take decades to fully implement].
For younger workers, the Social Security system has serious problems that will grow worse with time
[sigh].
Social Security was created decades ago, for a very different era. In those days, people did not live as long, benefits were much lower than they are today, and a half century ago, about 16 workers paid into the system for each person drawing benefits
[since I am too lazy to debunk these numbers, here is a related link, just in case you were starting to think that any of this crap meant that Bush isn’t lying].
Our society has changed in ways the founders of Social Security could not have foreseen. In today's world, people are living longer and therefore drawing benefits longer. And those benefits are scheduled to rise dramatically over the next few decades
[and another].
And instead of 16 workers paying in for every beneficiary, right now it's only about three workers. And over the next few decades, that number will fall to just two workers per beneficiary
[and again].
With each passing year, fewer workers are paying ever- higher benefits to an ever-larger number of retirees
[and another].
So here is the result: Thirteen years from now, in 2018, Social Security will be paying out more than it takes in. And every year afterward will bring a new shortfall, bigger than the year before
[oh for christ’s sake].
For example, in the year 2027, the government will somehow have to come up with an extra $200 billion to keep the system afloat. And by 2033, the annual shortfall would be more than $300 billion. By the year 2042, the entire system would be exhausted and bankrupt
[it made me exceptionally happy that the Democrats booed at this… they BOOED… now if only they were willing to actually fucking do something…].
If steps are not taken to avert that outcome, the only solutions would be dramatically higher taxes, massive new borrowing or sudden and severe cuts in Social Security benefits or other government programs
[bullshit, as above].
I recognize that 2018 and 2042 may seem a long way off. But those dates aren't so distant, as any parent will tell you. If you have a 5-year-old, you're already concerned about how you'll pay for college tuition 13 years down the road [does it trouble anyone else that he’s saying 13 years is analogous to both 13 years AND 37 years?].
If you've got children in their 20s, as some of us do, the idea of Social Security collapsing before they retire does not seem like a small matter. And it should not be a small matter to the United States Congress
[it’s not, actually, they’ve been discussing it since well before Clinton was in office].
You and I share a responsibility. We must pass reforms that solve the financial problems of Social Security once and for all
[he’s sort of right, except that his plan is an abomination…].
Fixing Social Security permanently will require an open, candid review of the options. Some have suggested limiting benefits for wealthy retirees. Former Congressman Tim Penny has raised the possibility of indexing benefits to prices rather than wages. During the 1990s, my predecessor, President Clinton, spoke of increasing the retirement age. Former Senator John Breaux suggested discouraging early collection of Social Security benefits. The late Senator Daniel Patrick Moynihan recommended changing the way benefits are calculated
[The Bush administration’s commitment to bipartisanship is so miniscule that they are willing to run a right-moderate Democrat who supports privatization out of office rather than enlist his “bipartisan” support].
All these ideas are on the table [no they’re not].
I know that none of these reforms would be easy. But we have to move ahead with courage and honesty, because our children's retirement security is more important than partisan politics
[bullshit; here’s a bipartisan approach; note how unlike Bush’s plan this is].
I will work with members of Congress to find the most effective combination of reforms. I will listen to anyone who has a good idea to offer
[it should be very clear by now that Bush is only interested in his foolish privatization scheme, and has no interest in anything which does not represent a handout to Wall Street…].
We must, however, be guided by some basic principles: We must make Social Security permanently sound, not leave that task for another day. We must not jeopardize our economic strength by increasing payroll taxes. We must ensure that lower-income Americans get the help they need to have dignity and peace of mind in their retirement. We must guarantee that there is no change for those now retired or nearing retirement. And we must take care that any changes in the system are gradual, so younger workers have years to prepare and plan for their future
[here’s the math; the average US income was $36,764 in 2003. Everyone who makes up to $87,900 pays FICA on their entire salary. Everyone who makes MORE than $87,900 pays FICA on the first $87,900 of their salary. Dick Cheney made $40,000,000 the year Bush first assumed the Office of the President. In other words, he did not pay FICA on the top $39,912,100 of his income. FICA is currently 12.4%, split evenly between employer and employee. 12.4% of $40,000,000 is $4,949,100, which is the equivalent of the tax paid by more than 450 people making $87,900 annually. In other words, Bush’s facile math of “used to be 16 for each worker, now it’s only 3” could be thoroughly ignored if the Cheneys of the world were forced to kick in at the same rate normal people are. Yes, yes, Cheney’s not going to draw benefits, so why should he have to pay into the system? Well, there’s no cap on Medicare Tax, now, is there? (There is not)].
As we fix Social Security, we also have the responsibility to make the system a better deal for younger workers. And the best way to reach that goal is through voluntary personal retirement accounts
[the best way to reach that goal is NOT to bankrupt the government].
Here is how the idea works:
Right now, a set portion of the money you earn is taken out of your paycheck to pay for the Social Security benefits of today's retirees. If you're a younger worker, I believe you should be able to set aside part of that money in your own retirement account, so you can build a nest egg for your own future
[you can; it’s called Thrift Savings or 401k or 403b, etc; all of these allow pre-tax contribution, which essentially lessens the amount of your salary that is subject to income tax as well as to FICA].
Here is why the personal accounts are a better deal:
Your money will grow, over time, at a greater rate than anything the current system can deliver
[unless, of course, there is a crash right at your retirement date, oops!].
And your account will provide money for retirement over and above the check you will receive from Social Security.
In addition, you'll be able to pass along the money that accumulates in your personal account, if you wish, to your children and -- or grandchildren
[this is another blatant sop to the rich; only those that set aside enough to live on for the rest of their lives have anything left over to give to their heirs, and only those that didn’t need another investment option to begin with will have enough left over for them to care about the so-called “death tax”].
And best of all, the money in the account is yours, and the government can never take it away
[this is obvious nonsense; the government can always introduce a new tax that can have the effect of ‘taking your money’; much more important is whether the plan is a loser from the get-go].
The goal here is greater security in retirement, so we will set careful guidelines for personal accounts:
We'll make sure the money can only go into a conservative mix of bonds and stock funds
[you mean, as conservative as T-bills?].
We'll make sure that your earnings are not eaten up by hidden Wall Street fees
[here we see something interesting; it’s easy to label Bush as “rabidly pro-business” but it is in statements like this that we see that he is actually “rabidly pro-plutocrat”… the Bush Administration doesn’t care if they fuck Wall Street over with this scheme, as long as their core constituency of stupendously wealthy doddering old white men are enabled to steal a few more billions from the Federal Government; the problem is, they’re so inept that they end up undermining themselves with hasty amendments].
We'll make sure there are good options to protect your investments from sudden market swings on the eve of your retirement.
We'll make sure a personal account cannot be emptied out all at once, but rather paid out over time, as an addition to traditional Social Security benefits.
And we'll make sure this plan is fiscally responsible by starting personal retirement accounts gradually and raising the yearly limits on contributions over time, eventually permitting all workers to set aside 4 percentage points of their payroll taxes in their accounts
[some more math: 4% of $30,000 is $1200; 4% of $1,000,000 is $40,000. Which investment pool do you think will accumulate more long-term interest, and which do you think will be more eaten away by fees? Which employee do you think is more likely to contribute the full 4%?].
Personal retirement accounts should be familiar to federal employees, because you already have something similar, called the
Thrift Savings Plan, which lets workers deposit a portion of their paychecks into any of five different broadly based investment funds
[like most such pre-tax plans, TSP is available only to full-time employees, and those who need such plans the most tend to be least able to spare part of their paychecks].
It's time to extend the same security and choice and ownership to young Americans
[provided they are employed full-time; is there any reason to expect that vast numbers of employers will NOT opt out of this plan, as they do out of 401ks?].