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“Press Conference of the President” (G.W. Bush, 4-28-05) FULL TRANSCRIPT/C-Span
http://www.whitehouse.gov/news/releases/2005/04/200504 28-9.html
“Every year after that the shortfall will get worse, and by 2041, Social Security will be bankrupt. ”
“Bush says personal accounts aren't permanent solution”
“A Washington Post/ABC News poll taken March 10-13 found that 35% of Americans approve of his handling of the issue. “
“The accounts would do nothing to ensure Social Security's solvency as the big baby-boom generation nears retirement” according to USA Today
http://www.usatoday.com/news/washington/2005-03-16-bush-news -conference_x.htm
“Medicare: The Next Riddle for the Ages” (USATod 3-16-05)
“Social Security's fiscal problems escalate in about 2018, when it is projected to begin paying out more in benefits than it receives in taxes; Medicare reached that milestone last year”
http://www.usatoday.com/news/washington/20 05-03-16-medicare-riddle_x.htm
“Analysis: For Bush, huge federal deficits may be one of his legacies “(USATod, 3-19-05)
“WASHINGTON (AP) — President Bush frequently says he wants to solve big problems like Social Security's finances, not pass them on to future generations. It appears unavoidable, however, that Bush will leave a painful legacy of staggering government debt. “
http://www.usatoday.com/news/washington/20 05-03-19-bush-legacy_x.htm
Greenspan Says Federal Budget Deficits Are 'Unsustainable' (NYTimes, 3-3-05)
“Alan Greenspan, chairman of the Federal Reserve, warned on Wednesday that the federal budget deficits were "unsustainable," and he urged Congress to scrutinize both spending and taxes to solve the problem.”
“ . . . disagreed more adamantly with Republican lawmakers and Mr. Bush, who have steadfastly refused to put restrictions on new tax cuts.”
“"When you begin to do the arithmetic of what the rising debt level implied by the deficits tells you, and you add interest costs to that ever-rising debt, at ever-higher interest rates, the system becomes fiscally destabilizing," he told lawmakers. "Unless we do something to ameliorate it in a very significant manner," he added, "we will be in a state of stagnation."
“Extending all of the expiring tax cuts add about $1.8 trillion to the federal debt over 10 years, according to the Congressional Budget Office”
http://www.nytimes.com/2005/03/03/politics/03deficit.html
Bush threatens to veto changes to Medicare prescription drug benefit
“WASHINGTON (AP) -- President Bush on Friday threatened to veto any changes Congress tries to make to Medicare's new prescription drug benefit, which takes effect in January 2006.”
http://www.cnn.com/2005/ALLPOLITICS/02/11 /bush.medicare.ap/index.html
Drug benefit estimate $720 billion over 10 years (CNN/ap, 2-9-05)
“WASHINGTON (AP) -- Medicare's new prescription drug program will cost taxpayers $720 billion over its first 10 years, with costs reaching $100 billion a year by the middle of the next decade, according to a new estimate by the Bush administration.
The new number is far higher than any previous estimate produced by the administration or Congress, . . . .
The new projection issued Tuesday runs from 2006 to 2015 and is not directly comparable to the $400 billion estimate lawmakers had when they narrowly approved Medicare legislation in 2003 or to the revised estimate of $534 billion that the White House issued just two months later, after the law was enacted”
http://www.cnn.com/2005/HEALTH/02/09/medi care.costs.ap/index.html
Bush sends $2.57 trillion budget proposal to Congress (CNN, 2-7-05)
http://www.cnn.com/2005/ALLPOLITICS/02/07 /bush.budget.ap/index.html
George W. Bush 2005 State of the Union Speech Feb 2, 2005
“So here is the result: Thirteen years from now, in 2018, Social Security will be paying out more than it takes in. And every year afterward will bring a new shortfall, bigger than the year before. For example, in the year 2027, the government will somehow have to come up with an extra $200 billion to keep the system afloat -- and by 2033, the annual shortfall would be more than $300 billion. By the year 2042, the entire system would be exhausted and bankrupt. If steps are not taken to avert that outcome, the only solutions would be dramatically higher taxes, massive new borrowing, or sudden and severe cuts in Social Security benefits or other government programs.”
GO TO SPEECHES PAGE FOR ENTIRE TEXT
BEFORE THE FEB 2005 STATE OF THE UNION, THE CBO (NON-PARTISAN) RELEASED TE GOVERNMENT’S OFFICIAL PROJECTIONS IN JAN 2005
Congressional Budget Office - “Updated Long-Term Projections of Social Security” (Jan 2005)
“CBO projects that under current law Social Security outlays will first exceed revenues from payroll taxes and taxation of benefits in 2020 and and that the program will exhaust the trust funds in 2052. After the trust funds are exhausted, Social Security spending cannot exceed annual revenues. As a consequence, because dedicated revenues are projected to equal 78 percent of scheduled outlay in 2053, CBO finds the benefits paid will be 22 percent lower than scheduled benefits.”
http://www.cbo.gov/ftpdocs/60xx/doc6064/01-31-Long-Term_Pr ojections.pdf
FROM USA TODAY web (Nov 15, 2004):
“A starting point is a plan proposed by a presidential commission in 2001 that would divert 2% of workers' payroll taxes into private accounts. The remaining 4.2% — and the Social Security taxes employers pay — would go into the system, helping fund benefits for current retirees. That leaves a shortfall of at least $2 trillion to continue funding benefits for those current retirees.”
http://www.usatoday.com/news/washington/2004-11-10-social-security_x.htm?csp=21& pubdate=Mon%20Nov%2015%2013%3A36%3A45%20EST%202004
“Doubt cast on Bush fix for Social Security
Congress' expert says private accounts are no solution” (SF Chron, 2-12-05)
“President Bush's plan to create private Social Security accounts doesn't address the system's long-term financial problems, Congress' nonpartisan budget expert said Friday.
"I believe private accounts are a policy decision," Congressional Budget Office Director Douglas Holtz-Eakin said in an interview with Chronicle reporters and editors. "They are not a solution to the financial problems of Social Security." ”
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2005/02/12/MNG8ABA7RI1.DTL
Medicare News:
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“Medicare rules set off a battle on drug choices” (NYT 9-26)
http://www.nytimes.com/2004/09/26/politics/2 6medicare.html?th
”The new Medicare law has touched off a huge battle between insurance companies and drug companies that could determine how many medicines will be readily available to Medicare ... Under the law, Medicare will rely on private health plans to deliver drug benefits to the elderly and disabled. The government...” |
