Protect Social Security: Democratic Battle Cry

The President used the 75th anniversary of Social Security to whipsaw the Republican Party on how to best protect the system going forward. And that issue appears to be heating up, with many Republican candidates being forced to backpedal from earlier support for privatizing Social Security. Tea Party Republicans in particular have been susceptible to this line of attack, having made statements that are now being trumpeted by Democrats everywhere. Nevada Senate candidate Sharron Angle has really stepped in it, with multiple references to her lack of support for the program, including implying that it is a welfare program. From the Washington Post:

Republican U.S. Senate candidate Sharron Angle says the nation’s Social Security system needs to be privatized, and that it was done before in the South American country of Chile.

With Democrats on their back heels they are going to try to bring this issue to the front quickly, looking for anything that might reverse Republican momentum. The President, in remarks last week, told Republicans that “I am pretty good at politicking too.” If it is going to be all politics all the time, and every issue is going to be exploited for political gain, then I guess the Dems have a pretty good one here. It very well may save Harry Reid in Nevada.

In a last note I couldn’t help but put up a new Sharron Angle ad attacking Reid over Social Security. In it she calls for Social Security to be put in a “lock box”. Didn’t the Republicans mock Al Gore, who advocated putting Social Security in a “lock box” when he ran for President. Angle is busted on this one, and she will not be able to escape the Reid onslaught on the issue, which will use her own words against her. The Al Gore Lock Box? Too little, too late!

The Democratic Senatorial Campaign Committee has put up a “Social Security Scorecard” calling out Republican Senate candidates for supporting privatizing Social Security.

Read the Sharron Angle Social Security story here.

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5 Responses to Protect Social Security: Democratic Battle Cry

  1. Jules Gordon says:

    Your Honor,

    How sad you are.

    Answer one question; is the Social Security system healthy or not? Is it in Debt? Will it need to be addressed sometime in the near future?

    Many side to the same question. Please honor me with an answer.

    Jules

    Like

  2. Bill Manzi says:

    Jules,

    I am not sad at all. Despite just coming back from vacation I am quite happy. Now to your question. Technically the fund is solvent. That solvency rests upon the accumulated surpluses, which have been “invested” in government bonds. The annual receipts will be outstripped by outflows in 2016, forcing a reliance on the redemption of government bonds. That accumulated surplus will be gone by 2037, which will put the system on a footing to pay about 76% of promised benefits, without an adjustment.

    The answer, in my opinion, is that the crisis lies in the fiscally reckless behavior that has occurred over the last twenty years. Even though the “Social Security Trust Fund” is technically solvent there are two things that will now occur.

    1) The federal government will not be able to use non existent social security surpluses to mask the true size of the operating deficit.

    2) Although the fund holds assets, the redemption of the government bonds will have to be financed by more borrowing, increased taxes, or slashing non social security spending. That will happen in 2016. My Democratic friends just want to ignore that fact, but it is a major problem.

    Of course the Democrats will demagogue Social Security. When the President said “I am good at politicking too” a week or so ago I guess this is what he meant. Republicans, in his mind, have demagogued every major issue for two years. Remember “death panels”? You reap what you sow.

    Your happy friend,

    Bill

    Like

  3. Jules Gordon says:

    Your Honor,

    This country is 107 Trillion dollars in debt including Medicare and Social Security. You are right about the problem being ignored for years.

    I will tell you what is going to happen, youor democratic buddies will resolve the issue through raising taxes. You know, tax and spend.

    The Democratic party is going spend us into failure. As far as Republicans “demagoguing” the issues, I am glad they did. They did not want anything you guys had to sell.

    We have to put things right. Take back our freedom.

    Jules

    Like

  4. Bill Manzi says:

    Jules,

    Lets talk a bit about the “Democratic response.” If you are referring to Social Security I think, like Greenspan and Reagan in 1982 they would likely be in favor of tax increases to keep the system solvent. The problem I always have with your analysis is that you throw out an ideological zinger and then walk away from the conversation. If no tax increase, and not assigning fault to either party for the current mess, what is your answer to Social Security? With no tax increase on the table my assumption is that you would favor a program modification (benefit cuts, increase in retirement age, etc). Eventually we need to get away from the nonsense, put some adults in the room, and craft solutions. And yes Jules that means making the trains run on time. Problem is nobody assigns positive value to good management anymore, but everyone complains when incompetence brings the trains to a halt. Keep talking past each other and the train going by us will be China.

    Bill

    Like

  5. Jules Gordon says:

    Great Response, Your Honor.

    1. Reach back and quote the last great President. As you have already demonstrated you know it’s Reagan.

    Your Honor, your President has already solved he problem. He says (today) that Social Security is fine and will eventually need a”small” adjustment. My hair stood on end when I heard this. It was from a video clip, which I assume will soon been shown on you blog site.

    Now I will tell you the immutable truth; Social Security will never be sustainable as a means to provide years of comfortable retirement. Workers are on par with retirees.

    Instead, it has become a political football for the political class to insure a lifetime career of bloated retirement and wonderful health care, unshared by the voters. This is Democratic and Republican corruption.

    I challenge you present a solution. I have one myself that I will present at our next discussion.

    Your comment about China surpassing us is already too late. She is by us and has been joined by Japan. We are third.

    Jules

    Like

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