Personal Finance & Retirement Planning

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Thursday, March 10, 2005

Bush's crisis found to be a made up story

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So it is becoming clear day by day that President Bush has been trying to create a phony "crisis" in the Social Security, more or less on the lines of weapons of mass destruction (WMD) crisis in Iraq. In fact, since Bush has failed miserably, now he is asking Vice President Cheney to help out. But it seems that there is only so much spin possible. American people have made up their minds and can see where it is going.

David M. Walker, head of the non-partisan Office of Comptroller General, has told Congress that there is no crisis and the president is wasting American people's money by pushing personal retirement accounts that do nothing to help the solvency of Social Security or the American people. (Related article: Only those Americans who are poorly informed support Bush' privatization plan)

And for the first time in recent years, American people have demonstrated that they are not as clueless as many Republicans like to think of them. Despite aggressive advertisements from several conservative interest groups and serious efforts by the president, Americans are actually turning against the personal retirement accounts. In other words, the more the president tells them they are good, the more people find out that they are actually worse than he told them before.

This is exactly what happened to young Americans who have been the only group to somewhat support the personal retirement accounts. While financial advisors have pointed out that all Americans should stay away from personal retirement accounts and stay with guaranteed benefits, the details leaked to AP indicate that retirement benefits of all Americans will be cut whether they opt for personal retirement accounts or not. Or in other words, even those Americans who do not understand the complexities of stock market and would rather have the current simple system no longer have a choice. It is now only a matter of time when this fine print reaches younger Americans that they too will turn against it.

So why does President Bush continue to beat a dead horse?

No one knows but it seems that he is being pushed real hard by the conservatives who are hoping against hope that American people might actually be successfully misled once more if enough advertising and marketing is done. Plus, Bush is also probably seriously hurt that no one believes what he says, and instead of simply bowing to the wishes of American people, he continues to treat them with disdain by saying the same things over and over again. Americans are more intelligent than Bush thinks.

Related article: Bush's real reasons for privatizing Social Security