Word: surplus
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Dates: during 2000-2009
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PLAN: Use about half the Social Security surplus--roughly $1 trillion--to allow young workers to invest one-sixth of their payroll taxes in private accounts...
PLAN: Reserve roughly 10% of the surplus--$480 billion--for tax cuts targeted to low- and middle-income Americans. These include credits for college tuition, preschool, care for an elderly parent, fuel-efficient cars and retirement-savings accounts...
IMPACT: The smaller tax cuts are less likely to undermine the surplus. But their targeted nature means not everyone gets a cut and leaves doubts about the total price tag. For example, if enough people take advantage of the savings accounts, the 10-year cost rises $400 billion beyond what Gore has budgeted...
PLAN: Use the entire Social Security surplus and other revenues to pay down the $3.5 trillion national debt by 2012, then devote the savings in interest payments (more than $200 billion annually) to Social Security. Give workers matching funds to encourage them to build their own private savings accounts...
...says, not how he says it. He's running harder against Washington than anyone in years, but he's the first Republican in a decade who doesn't want to blow up the Education Department and padlock the I.R.S. He wants to spend a trillion dollars of the surplus to let people invest part of their Social Security taxes in the stock market, yet he promises not to cut benefits, although there would be no spare trillion lying around to fund them. He blasts Gore for proposing more new spending than at any time since the Great Society--except that...