President Bush was on the news talking about the “crisis” that Social Security faces in 2018. I haven’t heard the truth about this repeated often enough, so here it is:
Everyone who makes $90,000 or less pays a big chunk of their income into the Social Security Trust Fund. This money was supposed to be saved to pay for our retirement.
Bush called this saved-up retirement money “the people’s money” and used it to pay for huge tax cuts for the rich. So while OUR taxes were supposed to be building up a huge reserve for OUR retirement, Bush has been giving it to the rich.
It is projected that Social Security will stop bringing in extra revenue in approx. 2018. This is where the money that was supposed to be saved comes into play — Bush spent it, and doesn’t want to pay it back. THAT is why he says there is a crisis in 2018!
Bush says this is Social Security’s problem! He calls it a “crisis” and says we need to cut benefits. I think it is Social Security’s problem like it’s the bank’s problem if I can’t come up with the mortgage payment, and I tell the bank they need to lay people off so they don’t need my money.