11.23.2004
Republicans Finding Ways To Account For Overhaul (WashingtonPost.com)
NZDems: A reckless privatisation programme and Enron-style accounting tricks?!
Social Security Change Expensive in Short Term
By Jonathan Weisman
Washington Post Staff Writer
Tuesday, November 23, 2004; Page E01
Republican budget writers say they may have found a way to cut the federal deficit even if they borrow hundreds of billions more to overhaul the Social Security system: Don't count all that new borrowing.
As they lay the groundwork for what will probably be a controversial fight over Social Security, Republican lawmakers and the Bush administration are examining a number of accounting strategies that would allow the expensive transition to a partially privatized Social Security system without -- at least on paper -- expanding the country's record annual budget deficits. The strategies include, for example, moving the costs of Social Security reform "off-budget" so they are not counted against the government's yearly shortfall.
White House budget office spokesman Chad Kolton stressed that no final decisions have been made about how the cost of changing Social Security will be handled. The administration has not decided whether it will even embrace a specific Social Security overhaul, beyond advocating the creation of personal investment accounts that would be financed by diverting some portion of Social Security taxes from the current system.
(More ... Republicans Finding Ways To Account For Overhaul (washingtonpost.com)) ¶ 20:20
Social Security Change Expensive in Short Term
By Jonathan Weisman
Washington Post Staff Writer
Tuesday, November 23, 2004; Page E01
Republican budget writers say they may have found a way to cut the federal deficit even if they borrow hundreds of billions more to overhaul the Social Security system: Don't count all that new borrowing.
As they lay the groundwork for what will probably be a controversial fight over Social Security, Republican lawmakers and the Bush administration are examining a number of accounting strategies that would allow the expensive transition to a partially privatized Social Security system without -- at least on paper -- expanding the country's record annual budget deficits. The strategies include, for example, moving the costs of Social Security reform "off-budget" so they are not counted against the government's yearly shortfall.
White House budget office spokesman Chad Kolton stressed that no final decisions have been made about how the cost of changing Social Security will be handled. The administration has not decided whether it will even embrace a specific Social Security overhaul, beyond advocating the creation of personal investment accounts that would be financed by diverting some portion of Social Security taxes from the current system.
(More ... Republicans Finding Ways To Account For Overhaul (washingtonpost.com)) ¶ 20:20
