[Point of View]
PRESSPOINTS              SEPTEMBER 5, 2001    Volume 01  Issue 09             Published by  4PointsPress   
THE LOCK BOX
by Marie Villarreal

My Gosh, I'm scared! Not only for myself, as a new retiree, but for my next generation coming up, which is due to retire in twelve years, and the next generation to follow that one, which is due to retire in forty-two years. AL Gore, in his campaign to win the presidency of our United States, warned the three fifths of our population who voted for him that our Social Security Fund would be poised for rape if Dubya Bush won out over him. Well, my fellow citizens, her skirts are up and her "Lock Box" is exposed!

The key Dubya hopes to use to open the "Lock Box" is the windfall his cohorts claim to have found in the federal budget surplus by a simple accounting change that produced an unexpected $4.3 billion which they have cast their eyes on for additional spending or tax cuts. New revisions and the new found money in the Social Security accounts, administration officials say, leaves the Social Security Trust Fund sacrosanct. The accounting change would essentially shift the new found $4.3 billion from the sensitive Social Security side of the ledger to the side available for spending or tax relief.

The Dubya Republicans are hoping for the opportunity to open her "Lock Box". Those raped funds of the newly found $4.3 billion will brighten their picture somewhat, especially for Republicans who have staked much politically on preventing Social Security from being tapped for other government spending.

Speaking Wednesday on condition of anonymity, Administration officials said the accounting change more correctly describes previous years' revenue from payroll taxes. They were deductions taken from employees, paid into the Treasury and dedicated to Social Security and Medicare.

"Little errors could mean a lot," said one official. "There's a general consensus that the Social Security surplus should be used for debt reduction." Democrats described the maneuver as an unprecedented accounting gimmick designed to mask the near-term impact of Bush's tax cut on the budget. "Obviously, they're scratching around," said John Podesta, White House chief of staff under President Clinton. "They need money for their priorities."

The increase could be critical politically. The White House and its Republican allies in Congress face persistent Democratic charges that President Bush's tax cuts have drained too much of the surplus to meet government spending priorities. And they have. The first stages of the recently enacted 10-year, $1.35 trillion tax cut and the slower economy has undermined CBO's forecast, made this last May, of a $275 billion surplus, including Social Security, plummeting to a dangerous, roughly estimated $160 billion. (The CBO is the agency that produces the budget estimates Congress must live by.) The tax cut refund, I call it the "tax slaughter" refund, of last month was an unprecedented government fiasco. The economy hasn't revived by this refund resuscitation; it has sunk deeper into the quicksand. As we speak, our stock market is gurgling blood and gasping for air!

In a vies `a vies letter to Dubya's White House the Democrats wrote: "We face the very real prospect that your tax cut, coupled with an economy that is slowing significantly, will have exhausted all of the surplus in the near term and leave no way to fund other functions of government without tapping into Medicare and Social Security."

Editor's Note:
We, here, at 4 Points Press are a small voice. But we do believe that small voices make up to create one big one. Together we can weather through the "Big Mistake" our last election has heaped upon us.