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terpfan1980

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Democrat (Wexler) to offer Social Security plan (finally)

Yes, finally someone from the Democrat side is at least offering a plan...

Were it not for President Bush taking the bull by the horns and trying to get something done on the issue of Social Security, we might not even be having a discussion of how right or wrong the President's plan (which is still coming together and hasn't been officially formulated and released for consumption and real discussion) is. During all of these discussions and arguments over the impact the President's plan (actually, it's more a "vision" for Social Security) there's been precious little to compare coming from the other side. Most Democrats have sat on their hands and not put themselves out on the line to really offer their own alternatives or any sort of plan.

Now it seems that at least one may be ready to put forth a plan of his own. Read on for an article from USA Today. Headline is linked.

Posted 5/15/2005 12:02 AM Updated 5/15/2005 7:17 AM

Democrat to offer Social Security plan

WASHINGTON (AP) — Breaking with party leaders, a Democratic congressman plans to introduce Social Security legislation, saying his first commitment is to his constituents.

Photo by Rick Silva, AP file (USA Today)
Rep. Robert Wexler, D-Fla.:
"My allegiance to seniors is greater than my allegiance to the Democratic Party."

Rep. Robert Wexler, D-Fla., said Friday: "I have the largest amount of Social Security recipients of any Democrat anywhere in the country. My allegiance to seniors is greater than my allegiance to the Democratic Party."
While Wexler is proposing tax increases that would clash with President Bush's pledge not to expand the existing payroll tax, his legislation was heralded by the White House in part because Democrats had steadfastly refused to offer an alternative to Bush's plan. The president's proposal calls for creating private investment accounts and a new method for calculating future benefit growth.
Democrats have refused to put an alternative on the table until Bush drops his insistence on private accounts, which they say would destroy the Depression-era system by depriving it of critical funding.
"I would be surprised if the president were anything but pleased there is another voice with the courage to stand up and put a proposal on the table," said White House spokesman Trent Duffy. "Obviously we haven't seen the specifics on this plan, but I think the president welcomes anyone who wants to work in a good-faith effort to solve the serious challenges facing Social Security."
Wexler's bill calls for a 6% tax on all income above the current $90,000 cap. Three% would be paid by workers and 3% paid by their employer.
At the same time, the bill would reinstitute "pay-go" rules for federal budgeting, requiring that any tax cuts or increase in entitlement spending be paid for either by raising taxes or cutting spending elsewhere. The requirement expired at the end of 2002.
Wexler's proposal, which he will unveil in Florida on Monday, would not require any cut in scheduled benefits or increase in the retirement age, and it does not provide for private accounts.
"The president's approach cuts benefits and it creates a privatization scheme, and on top of that does not ensure the solvency of Social Security," said Wexler, whose district includes the largest number of Social Security beneficiaries of any Democrat in the country.
The congressman said his bill, which has been reviewed by the Congressional Budget Office, would achieve solvency by eliminating the $2.1 billion program shortfall estimated by the nonpartisan agency. Social Security's trustees have pegged the figured at $3.9 billion.
"The president traveled the country for the past two months and effectively challenged the Democrats to make their own plan," Wexler said. "Today, that challenge is responded to."
House Minority Leader Nancy Pelosi, D-Calif., recently quashed a meeting in which some of her fellow Democrats were set to discuss Social Security with the head of the AARP and a group of Republicans.
Wexler said he had twice spoken with Pelosi about his plan. While he would not reveal her reaction, he said, "It would be wrong to assume it was a receptive conversation."

... more at linked article

emphasis added

Original materials apparently from Associated Press

Note the section that I've added emphasis to. I could have done the same to earlier section also Democrats have refused to put an alternative on the table until Bush drops his insistence on private accounts, which they say would destroy the Depression-era system by depriving it of critical funding.

Basically, most Democrats have refused to even talk about this issue until it no longer even resembles the President's "plan", but in doing so, they've been hurting their party and leaving a vacuum that they hope will be filled by their friends in the main stream media, the AARP and other organizations that they "can count on" to bash Bush for them (like a certain C.O.L. stooge has so ably done here at Joe User for them).

It's nice to see at least one Democrat that understands the greater responsibility and duty that is owed to the U.S. citizens.

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it's a trick terp.... he is probably in a district with many seniors and is soon up for re-election and is trying to garner votes, I just don't trust any dems to have pure motives {nor do I trust republicans either}

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Hey, Hey, Finally a House Member who remembers that the People he represents are more important than the little letter after his name. True MM, it could be a re-election trick, but at least he is coming out from under the DNC's thumb and standing up to them. He probably does have his eyes on his re-election... what politician doesn't? If they can break the Democrat stupidity block, who cares!!

If you ask me, both major parties should be investigated under the RICO act.. but that is just me.

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All I can say is "it's about damn time"!

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2 by ParaTed2k
Sunday, May 15, 2005

yep if he gets anywhere with it, will be good enough for me, but with boxerdabitch standing in the way looks like an uphill battle. Hope he wins.

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This plan addresses the funding issue by increasing taxes on people with income above $90,000. Without seeing the calculations it is not possible to determine if this will solve 100% of the problem. However, it does move us toward a solution unlike the Bush plan that took us further from a solution by taking trillions OUT of Social Security! If we need more, increasing the full retirement age to 70 could be another part of a solution.

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ColGene, you don't know crap. Not about life, not about anything else. You also don't know the details of what will come out of Prs. Bush's ideas.

All you know is your vitriolic stupidity. Thanks for sharing that with the rest of us.

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yep if he gets anywhere with it, will be good enough for me, but with boxerdabitch standing in the way looks like an uphill battle. Hope he wins.

Yeah, he has placed himself at odd with his racketeer party, he will have an uphill battle both in this issue and with any future support from the Democrat Syndicate.

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If we need more, increasing the full retirement age to 70 could be another part of a solution.

That is reducing benefits to retirees. So you are in favor of Bush's plan in theory? Probably not. Your hatred is visceral.

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ColGene, you don't know crap. Not about life, not about anything else. You also don't know the details of what will come out of Prs. Bush's ideas.All you know is your vitriolic stupidity. Thanks for sharing that with the rest of us.

Hit that button and mark him for the troll that he is....

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increasing the full retirement age to 70 could be another part of a solution.

Yeah, that plan works great for you now doesn't it? Screw the rest of the citizens and the promises made to them, no one needs to meet any promises right? Except for President Bush.

Personally, I'm wishing more and more that the President would make a promise to recall your sorry butt and send you off to the front lines, or at least as far away from a PC as possible.

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First Increasing the retirement age makes sense since people are living longer.

It is Social Security that has stated, the Bush individual accounts WILL NOT fix Social Security. The Bush advisor on Social Security admitted this was correct. WHY would anyone suggest a FIX that is NOT a FIX?

The Wexler plan does what I said is needed- more funding!

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The Wexler plan does what I said is needed- more funding!

I have as toilet you can throw more money down. It will have the same effect.

So now you are advocating cutting benefits. So who is going to cut benefits? The dimocrats!

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WHY would anyone suggest a FIX that is NOT a FIX?

Again troll, why would your logic not apply to the "plan" that President Bush wants to follow, and don't spout back more B.S. about Bush intentionally following a plan that does fix the problem.

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according to Bush the problem with Social Security is it can not pay the promised benefits beyond 2042. He is suggesting cutting future benefits by recalculating future cost-of-living adjustments. That doesn't solve the problem of paying 100% of the promised benefits. He is doing this benefits the same as doing nothing to Social Security -reduced benefits by 25% beginning in 2042. How can anyone suggest that Bush is solving a problem when his solution does the very same thing as doing nothing. The only way to ensure future retirees receive their full benefits is to increase the amount of money in the trust fund. The trust fund can be increased either by higher taxes such as Wexler has suggested or by investing the existing trust fund in things it will pay a higher return than the treasury obligations the trust fund currently holds.

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according to Bush the problem with Social Security is it can not pay the promised benefits beyond 2042.

--According to bush, the democrats and congress have said this....unbeleiveable.....

How can anyone suggest that Bush is solving a problem when his solution does the very same thing as doing nothing

--He isn't solving a problem, he is suggesting an idea, now it is congress's turn to get off their ass's and get going...

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The trust fund can be increased either by higher taxes such as Wexler has suggested or by investing the existing trust fund in things it will pay a higher return than the treasury obligations the trust fund currently holds.

Am I the one that now gets to remind the troll that THERE IS NO STINKIN' trust fund?

There's no lock box.

There's a bunch of IOUs.

The returns on those funds are virtually zero, which means you intend to invest the money where? And better yet, what gives you -- or any other government wonk -- the right to decide where the money goes instead of giving myself or any other individual the right to choose between say 10 different places, including highly conservative, conservative, moderate, agressive and very agressive fund blends which are well diversified and balanced enough to spread risk just as today's 401K plans do for many fortunate U.S. citizens???

Blow it out your ... and then shove it back down your own throat troll.

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