President Bush & Social Insecurity

04/11/2005

In recent speeches before selected true believers, President Bush has
stated or implied that the treasury bonds that the Social Security
Administration (SSA) holds as assets are, for all intent and purposes,
worthless IOUs. To the best of my knowledge, Mr Bush is the first
president in US history to characterize US financial obligations as
“worthless IOUs.”

We taxpaying Americans are fortunate that foreign investors and
central banks do not take Mr Bush so seriously. European central banks
now hold approximate $2.4 trillion in US treasury notes. Asian central
banks also hold trillions of dollars in US debt. No one, not even Mr
Bush, would want to experience the currency crisis that would occur
should those central banks believe Mr Bush’s statements.

If Mr Bush actually believes his own statements, then the United
States may be in real trouble. Since Mr Bush’s ascendancy to office,
his administration has borrowed $639 billion from Social Security in
return for “worthless IOUs,” and will issue about $1.06 trillion in
“worthless IOUs” to SSA in the next five years.

Both supporters and opponents of Mr Bush should ask why he continues
to issue his “worthless IOUs” to SSA. If Mr Bush actually believes his
IOUs to be worthless, does he have any plan to somehow, someway
reimburse SSA for his financial misfeasance? Most certainly, not!

So far President Bush has carried message to groups selected for their
loyalty and comformity to the Bush message. We need to press President
Bush to debate the Social Security issue, in front of a non-partisan
assembly of voters, with a knowledgeable opponent so that we the
people can more knowledgeably determine what is best for us and future
generations.

Please write to President Bush and urge him to have an open public
debate with an opponent on the Social Security issue. Also, write to
Congressman Gutnetch and Senator Coleman to express your concerns and
demand an open public debate on Social Security.

We need to confront head on the lies, distortions, misinformation and
pretty much silly sayings of the Bush administration.


This has been a pretty “heavy” e-mail so I would like to end it on a
light note, perhaps not an A major, but certainly not a D flat.

I am considering writing a book on recent American politics. I may
title it “George Bush for Dummies” or perhaps “Dummies for George Bush.”

Regards,
Loyal Nelson