Thursday, February 03, 2005

2001: Bush Raided Social Security Trust Fund

Bush was beginning his destruction of Social Security in 2001. And this is from August before 9/11, so he didn't even have that excuse:

From USA Today, 08/16/2001 : U.S. taps Social Security reserves

WASHINGTON — Despite their ardent pledges to place surplus Social Security funds in a "lock box," President Bush and Congress are already picking the lock, congressional sources from both parties say.

The Congressional Budget Office (CBO) is expected to release a revised budget-surplus estimate on Aug. 28 that indicates Social Security reserves will be tapped for other government spending during the current fiscal year, which ends Sept. 30.

The White House budget office soon will produce its own estimate that shows the Social Security surplus untouched — but only because of a change in long-standing accounting methods that the administration says make surplus data more accurate. "The president's budget fully protects Social Security," Bush's spokesman, Ari Fleischer, said Wednesday

Now we know one thing the Administration was doing pre-9/11: changing longstanding accounting rules. They were raiding Social Security from Day One. And they started lying about it at the same time.

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