Pelosi on SS from "This Week"
Topics: Welfare
01 May 2005
From: Ervan Darnell
I use double quotes for an exact quote and single quotes for my best memory of the sense of the quote.
5/1/05:
George Stephenopolous: 'What is the Democrats' plan?'
Nancy Pelosi: 'Bush's plan is an attack on the middle class [...]'
George Stephenopolous: 'But what is the Democrats' plan?'
Nancy Pelosi: '....Pay back the trust fund...'
George Stephenopolous: "Why should Americans trust Democrats on social security when they have no specific plan?"
Nancy Pelosi: "Americans should trust Democrats because Democrats invented social security."
I'm still laughing.
It's worth repeating that the argument about 'borrowing from the trust fund' is a total canard. The SS trust fund is in T-Bills, and as safe as any other T-Bill. Deficit spending does not deplete the trust fund in any way. Deficit spending does (probably) require future tax increases, but that's true regardless of whether T-Bills are held by the SS trust fund or private individuals. Even were it the case that Bush were spending the trust fund, fully restoring it would not solve the problem, not even close. The current shortfall is all based on the assumption that the trust fund is safe. So, Pelosi is so far off the tracks with this, that I have to think this is an intentional deceit on her part rather than just simple stupidity.
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Ervan Darnell
ervan@kelvinist.com http://www.kelvinist.com
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