Today's Note from a madman
Wednesday, December 22, 2004
MORE SOCIAL SECURITY
I Just Can't Get Enough of This Stuff
I understand that some reform plans require larger transfers from general
revenues to fund personal Social Security savings accounts. Is that true?
Answer: Yes. Many of the plans put forth, including those by the Commission and by some members of Congress, require significant transfers from general revenues. Depending on the underlying assumptions, these transfers generally range from less than $1 trillion to more than $2 trillion, in today's present-value dollars. However, it is also true that if no changes are made, revenue transfers totaling $3.7 trillion, in today's present-value dollars, would be needed to pay currently scheduled benefits over the next 75 years. "
"Question: What are these other countries (Britain was used as an example) doing to face their challenges?
Answer: Many of these countries have begun to prefund their social security plans. More than 20 countries, including Britain, Australia and Sweden, have established versions of personal accounts."
But Britain's version is meant to protect retiree accounts in case companies go under and no longer can pay their retirees.
I have my own questions that oughta be put in the QA section of SSA, Mr. President:
You promised to keep our money in a "lock-box" back in 2000, remember President Bush?
Too bad you have the only key.
Stupid Quote of the Day
"The environment is completely destroyed
and the people became sick. but it is very difficult to know the cause of the
- Mineshi Sakamoto, a specialist from the Minamata Institute who conducted tests for the World Health Organization investigating the Newmont Mining Company and the poisoning of the air and bay in Indonesia.
The Newmont Mining Company of Denver, CO has been accused of poisoning the air in Indonesia when they were mining for gold. An audit said the company "roasted" ore with high mercury content at high temperatures 84 days before scrubbers, that would have helped clean the air, arrived. In all, the scrubbers were not in working order for 213 of 310 days in 1998. It turns out it is cheaper to roast the ore without the scrubbers than it is to roast the ore with the scrubbers.
After the audit, the company finally fixed their
scrubbers, but by that time, they were just a few weeks away from finishing
their mining, and the Indonesian community around their operation.
The Indonesian Government is pursuing criminal procedures against Newmont Mining.
Newmont Mining CEO Wayne Murdy gave $2,000 to the Bush-Cheney campaign, and $5,000 to the Republican National Committee.
What a coincidence.
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