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April 5, 2005
Bush visits the Trust Fund, up close and personal
President Bush today visited the Social Security Trust Fund today. No, he didn't visit a vault full of gold bars, silos full of wheat, or even a safe-deposit box full of securities. He visited the file cabinet in Parkersburg, West Virginia where the Trust Fund keeps the IOUs of the US government, to itself from itself. Bush said, "a lot of people believe that the Social Security trust is -- the government takes a person's money, invests it, and then pays it back to them upon retirement. It doesn't work that way. ...This is what exists." And what doesn't.There is no "trust fund," just IOUs, that I saw firsthand, that future generations will pay -- will pay for either in higher taxes, or reduced benefits, or cuts to other critical government programs.The office here in Parkersburg stores those IOUs. They're stacked in a filing cabinet. Imagine -- the retirement security for future generations is sitting in a filing cabinet. It's time to strengthen and modernize Social Security for future generations with growing assets that you can control, that you call your own -- assets that the government cannot take away.
Posted by Don Luskin at April 5, 2005 11:41 AM | Print
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