Word: trillion
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PLAN: Devote more than a third of the projected surplus - $1.6 trillion - to tax cuts, including a broad cut for all income brackets. Double the child tax credit, give a credit to married couples regardless of whether they pay the marriage penalty, and repeal the estate...
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...
...IMPACT: Depends on the stock market. The $1 trillion price tag means the program may go bankrupt 10 years earlier; to cover the cost, Bush will have to cut benefits. If the market continues its historical rate of return of 7 percent a year (or even if it gains a more modest 5 percent a year), such cuts would be painless because the private-account nest egg for most future beneficiaries would more than equal the benefits they would receive under the current system. But there's no benefit floor to protect losers...
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...
...Florida, the campaign has put out a new ad hitting Bush for that allegedly overpromised trillion dollars of Social Security surplus - and draping the whole thing over a clip of the stumping Bush's flub/metaphor/incredible ignorance on Thursday about Gore's treating FDR's safety net "like it's some kind of federal program." (Which, by the way, Gore's surrogates have really latched onto, probably as a surrogate for the untouchable DUI story...