Word: socialized
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Dates: during 1970-1979
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Spring Awakening. In 1891 German Playwright Frank Wedekind psychographed an adolescent torn by the conflicting demands of natural desire and social propriety. In this revival, the Juilliard Theater Center revealed anew that April is still the cruelest month...
...tell the difference between Al ("We're for the people") Gore and George W. ("I trust the people") Bush? Take a look at what each candidate says at this week's debate about how to "save" Social Security. You have probably heard that the popular program will go bankrupt soon, but that's not exactly true. The real problem is that as the baby boomers retire and then live longer than previous cohorts, aid to the elderly will take up more of the budget, leaving little room for other priorities like health care or education. The solution we choose will...
...Gore promises that when you retire, the government will take care of you: Social Security, he says, must continue to be "a compact between generations" in which today's workers pay for better lives for today's retirees. Bush says you can and should take care of yourself. He wants to transform the system into a long-term personal investment plan: You put in money now and take it out when you retire. What do you think...
...Letting people invest their own money, says Bush, will produce better long-term returns than keeping all Social Security revenues in the hands of the government. So he uses about half the Social Security surplus - roughly $1 trillion - to give young workers the right to divert some of their payroll taxes to private savings accounts. Workers could then invest this money in stocks and bonds...
...trillion-dollar hole By allowing workers to divert part of their payroll taxes to private accounts (Bush hasn't said how much this would be; the fraction his advisers throw around is one-sixth), Bush cuts the size of the social security surplus almost in half, by about $1 trillion. And not using that money for debt reduction adds an additional $300 billion to the government's interest bill. These costs (along with his $1.6 trillion tax cut) mean it will take longer for Bush to eliminate the national debt, leaving less money in the future to guarantee Social Security...