Friday, February 04, 2005

Gross criticizes Social Security Plan

Well, well, well...the little leader's Social Security plan is debunked by Wall Street official. Looks like the legacy this regime wants won't come from this scam.

NEW YORK (CNN/Money) - Bill Gross, manager of the world's largest bond fund, is criticizing President Bush's plan to privatize part of Social Security.

Gross, managing director at Pimco, called the argument about the solvency of Social Security "silly" and said it was an example of the president not focusing on more important issues, such as the budget deficit.

The president's argument for individual Social Security accounts is meant "to promote an agenda that has little to do with seniors and more to do with Bush, his ownership society, and ultimately his domestic legacy alongside the likes of Ronald Reagan and FDR," Gross wrote in comments posted on Pimco's Web site. More>>>

5 Comments:

At 2/04/2005 4:30 PM , Blogger RattRigg said...

Hmmm is that what you call debunked?

Gross was definately insulting in tone and manner, but aside from his clearly biased opinion, he never offers a single statement of fact about Bush's Social Security plan at all.

Not one.

What we have here is the manager of the worlds lagest Bond fund commenting on Bush's plan. Somehow he never manages to do that.

He questions Bush's prioritues.
He questions Bush's goals
He attacks what he percieves as Bush's ownership society.

But he says abslutely nothing about the plan itself.

Isnt it kind of odd that a financial expert like Gross
has so little to say on the subject that he has to attack everything but the social security plan?

I'm starting to think that it isnt real hard to wind up as source material in one of your posts LP.

Maybe you should be more selective?

 
At 2/04/2005 5:00 PM , Blogger ProgressivePatriot said...

Did you read his statements?? It says where they are posted.

 
At 2/04/2005 5:34 PM , Blogger RattRigg said...

I assume you mean this?
http://www.pimco.com/LeftNav/Late+Breaking+Commentary/IO/2005/IO_Feb_2005.htm
You got me, I was looking for link.

It seems to me that Gross is saying Bush's plan wont work, due to a number of factors, overseas debt, declining worker population, etc.

The problem that Gross overlooks - is that all of the problems he points out for the new plan, already exist in the current plan.

So its a choice of keep going the old way, that we already know wont work indefinately- or try a new plan that gives us young -uns a chance to retire also.

 
At 2/04/2005 6:12 PM , Blogger ProgressivePatriot said...

The current system will work and many economists on both sides point to the tax cut for the rich as the problem. Never fix something if it isn't broke....maintain it.

If you were to go into the financial history of george you will find everything he has attempted was rendered completely broke...this will be no different. So, what do we do??

Leave it alone and shore it up for the future...exactly what Bill Clinton tried to do but, the republicans would have no part of. Now, the republicans use some lame 'crisis' as a means to free up money to propagate future wars.....that is the bottom line. They need more money to fund their terror organization...the PNAC.

There is a ton of reading to do on this...I have been all over this for 3 years. You need to understand the PNAC...everything will become clearer...and, it's in their own words which, makes the implications less biased. They want total global domination in 20 years but, they have a bad habit of ruining economies so...they need to find the money. The Social Security trust is a good place to start.

But, RR...you really need to read the PNAC....

 
At 2/09/2005 4:30 PM , Blogger Amy said...

Ratt,
you said "…but aside from his clearly biased opinion…” I would think that a Wall Street executive has the most to gain from a privatization plan. Wouldn’t he be biased in favor of Bushs plan if he was biased at all?

Yes the PNAC is where its at.

 

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