"If Bush is not stopped, and does this to Social Security, imagine
the wholesale cutting and stealing of Medicare, Medicaid, private
pension insurance, wages. This goes to fascism."
Bush's Assault on Social Security
Posted February 4, 2005 thepeoplesvoice.org
By: Paul Gallagher
There can be no "negotiating" by Congressmen or organizations, on the
terms on which to give up Social Security. All the terms of the privatization
argument are deliberate falsehoods. Beat Bush on this, or face fascism in the
The President's sudden, manic drive to privatize is driven by Wall Street and
Boston 'Vault' bankers who want to take into the stock and bond markets, the
$500-billion-a-year flow of American employees' Social Security payments. During
George W. Bush's term, the U.S. economy has come to need investment inflows from
other countries of $2.5 billion a day, to cover its various huge deficits and
debts. The massive flow of foreign capital is falling and no longer sufficient,
and threatens to stop entirely in a crash of the dollar. So Wall Street is
looking to Americans' Social Security payments, to throw them into the sinkhole
of debt that is swallowing the economy.
To Drink the Blood of Social Security ...
The United States Social Security system, which now has 47 million elderly and
disabled beneficiaries, and 12 million households depending on it for their
livelihood, has accumulated a surplus of $2 trillion and $3 trillion in its
Trust Fund, and will keep adding to that surplus for another 15 years.
Governments since Ronald Reagan's have improperly borrowed most of that surplus
to cover Federal budget deficits. The Bush Administration has borrowed over $500 billion of that surplus in four years,
and has created,
with its tax cuts and its destruction of jobs, a long-term revenue deficit far
larger than any conceivable Social Security deficit. The White House now
covertly proposes to 1) repudiate any government obligation to generate future
new revenues and repay the Social Security Trust Fund; 2) throw out workers
under 50 or 55 from their future entitlement to Social Security, by diverting
their contributions into Wall Street-run private investment accounts; 3) borrow
trillions more dollars to pay benefits to current retirees and Baby Boomers; and
4 make major cuts in the benefits of those retirees, by the simple trick of
changing the cost-of-living calculation. Figure 2 shows these cuts; it's a
Congressional Budget Office analysis of the President's Commission's plan, put
in legislative form.
This shifts trillions in loot to the stock and corporate bond markets, from
employees who become the suckers "on the way in" to the next market
If Bush is not stopped, and does this to Social Security, imagine the wholesale
cutting and stealing of Medicare, Medicaid, private pension insurance, wages.
This goes to fascism.
"Ownership society"? Recall the "people's car" (Volkswagen)
hoax of Hitler's Nazi regime. Millions of Germans made their payments into their
own "private account" by which they were buying their own Volkswagen.
None ever got one; their payments were simply looted.
... Dracula Will Spend $41 Million in January Ads
An article in the New York Times for Dec. 20 shows clearly that Wall Street and
State Street are acting through ideologues and thinktanks to lie and push for
privatization. The most prominent of the ideologues out to destroy Social
Security is José Piñera, the very man who, as Labor Minister of Chile,
privatized social security for the fascist dictatorship of Gen. Augusto Pinochet
in 1980-81. Piñera's memo of that year to George Shultz, who had requested it,
started the attempt to sell Social Security privatization to Ronald Reagan, and
to every Administration since. Piñera (see below, "Profiles of Hit
Men"), and State Street Bank Corp. executive F. Gregory Ahern, have headed
up the Cato Institute's Project on Social Security Choice. Piñera and this Cato
Institute operation have been the designers and promoters for the past decade,
of the Social Security privatization schemes now being held close to George W.
Bush's vest. Ahern is also lobbyist for the Investment Company Institute arm of
mutual fund industry.
The ideological venom of Piñera against Social Security, is clear from the
opening of a manifesto he wrote in 1996, still posted up front on the website of
the Cato Institute:
"A specter is haunting the world. It is the specter of bankrupt state-run
pension systems. The pay-as-you-go pension system ... destroys, at the
individual level, the essential link between effort and reward.... The result is
This Chilean fascist minister Piñera, who thinks the success of Social Security
destroys the "effort" of Americans whose retirement it insures, is
Bush's chief instigator in attacking Social Security!
The Cato Institute calls its blood-sucking plan "The 6.2% Solution."
It diverts the employee's whole 6.2% payroll tax payment out of Social Security
into a private account. After a few years' break-in, it makes this mandatory for
Americans born after 1954.
José Piñera insists, "on principle," that employers—who now match
their employees' payments to Social Security—shouldn't pay anything at all.
That's the way it is in the "Chilean model" Bush is impressed by.
Other Wall Street groups promoting Social Security privatization are the Club
for Growth—directed by Stephen Moore, former aide to former Rep. Dick Armey,
and Charles Brunie, head of Oppenheimer Capital; the Alliance for Worker
Retirement Security, which includes the Securities Industry Association, U.S.
Chamber of Commerce, Charles Schwab and other brokerages; and Ahern's Investment
With Cato Institute, American Enterprise Institute, and bankers' 527 committees,
these Draculas intend to spend $41 million in January on a propaganda to steal
Paid for by the Lyndon LaRouche PAC. larouchepac.com
/ larouchepub.com http://www.larouchepac.com/pages/writings