Friday, February 11, 2005


This morning Laura Tyson was interviewed on CNBC. She is one of President Clinton's former economic advisors. She suggests that Americans do not want private savings accounts. The interviewer asked how she can be so negative when Mr. Clinton tried to pass private accounts (he would probably have tried a little harder if the impeachment proceedings had not gotten under-way). Laura says the big difference is that Clinton wanted to take money from the Social Security Surplus not from the Social Security Revenues as this plan does! Huh? The interviewer was as non-plussed as I. What surplus? Is she suggesting that Clinton was ready to raid the treasury to pay more to retires? The under-funding of Social Security was about 9.5 to 10.5 Trillion when Bill Clinton was in office and it is about 10 to 11 Trillion now. The deficit is a growing problem that is falling on the youth to pay.

Laura went on to say that Americans are not saving enough. She implied that any plan to add personal accounts would need to come through additional contributions. Poppycock!

Americans are being forced to save 15% of their salaries. They should not be forced to save more. The trouble Americans have is that they must give their savings to the government and then let the government dole out the savings to whom it sees fit.

Double talk about the plan and double talk about savings. Polls show that Americans support the plan. Americans are saving plenty. Americans simply need a decent return on their savings.


Jack's Old Merrill Pal said...

I already created a blog about this so-called expert. She is nothing but a vacuous shill for someone in the Democratic party. I can't she is actually teaching bright students economics!

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