Bush's "Ownership" Scam: Part II

Written by Hal Pawluk
Published September 23, 2004
page 1 | 2

The Bush "ownership society" will move even more of that wealth higher up the food chain by reducing the value of individual retirement accounts.

It's a scam, so don't buy it - it will be very, very expensive.

Write your Senators and House Representative and tell them what you think.

Further reading (links open in new windows):
Bush's new ad theme: Give us your money
The rich get richer, everyone else gets the squeeze

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Bush's "Ownership" Scam: Part II
Published: September 23, 2004
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Section: Politics
Writer: Hal Pawluk
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Comments

#1 — September 23, 2004 @ 16:26PM — feste [URL]

Firstly your graphs conveniently do not show the the tax burden paid by the top 50% percentage, which sets up a fairness strawman from the get-go.

Secondly, isn't a tax refund to the non-paying brackets also stealing from the worker's SSI pool?

Lastly, you fail to mention that the $940 billion "windfall" returns to the economy via the 50% shareholding class, many of whom are workers and retirees.

Bottom line is that Congress has been running a SSI ponzi scheme for decades as the Boomer train roared down the demographic tunnel.

Who's kidding whom?



#2 — September 23, 2004 @ 16:46PM — Hal Pawluk [URL]

No, the graph is fine.

I'll be doing something else on taxes later, but for now will say that when you do a comparison of the percentage of income and percentage of taxes paid, there isn't that great a difference for those in the top tiers - the system isn't weighted as much as we are led to believe.

No, the almost $1 trillion will largely go to the top 10% and higher in income.

"Trickle down" is just voodoo economics claptrap that has been throughly discredited.

Bottom line: Social Security benefits will be cut, and the amount cut will go to financial services firms, who will then spend it on management bonuses and invest it in places where they can make the most profit, like China and India.

Really.

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