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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Dec. 29, 2004)
< \ • ÿlortlattÔ (JDbserUer _______________________ December 29. 2004 Page A4_______________ _____________________________ Ad\ crtise with diversity in Ì lo rtlu n b (O bstruer Opinion articles do not necessarily reflect or represent the views o f The Portland Observer O pinion L egal N o tices I AR ------- ^OCtAL T |Z 0 /N o V lIW l'« \ | Need to publish a court document or notice? Need an affidavit of publication quickly and efficiently? Please fax or e-mail your notice for a free price quote! \ ; I Fax: 503 288 0015 e-mail: classlfledst&portiandobserver.com The Portland Observer ss§ (fi LSER’S ON Z A LB E R T A -7 3 WßAKY °F $3.95 Breakfast Specials Served Tues-Sun From 6:30 AM - 9:00 AM Scotch Egg And 2 Russet Potato Pancakes Two Eggs Any Style, 2 Buttermilk Pancakes Sliced ham Egg And Cheese Crumpet Sandwich With Fresh Fruit Cheddar, Egg & Salsa Crumpet Sandwich With Fresh Fruit L o o k a t th e N u m b e r s Brioche French Toast German Pancake Social Security changes fo r Wall Street Half Order Ham Benedict Two Eggs Any Style, 2 Maple Sausages & Yukon Potatoes * * * Heisers Also Provides Catering, Food To Go & Boxed Lunches i B y D ean B aker Public Notice ______ New Government Loan Program For Seniors 62 & Older z Eliminates mortgage payments & pays you while you own & live in your home! Benefits of New Government Reverse Mortgage Program: • No mortgage payments • Tax-free money • You own your home • Social Security, Medicare & Medicaid not affected • No income or credit qualifications • Use $ any way you choose Call me TODA F for more information or seminar dates. FREE recorded Hotline: 1.(888) 208-7945 ext. 84 For more information on this exciting new government program, call me directly at: TOLL-FREE: l-(877) 723-3828 ext. 116 Web site: www.theReverseMortgageQueen.info Email: Carolyn Corthell, MSW quickloan@hotmail.com Reverse M ortgage Specialist President George W. Bush sup ports a proposal from his Social Security commission that hits work ers with large cuts in their benefits. These proposed cuts are phased in over time, hut an average wage earner who is 20 today will see their total benefits reduced by close to $ 160.IXX) over the course o f their retirement. They will have the op tion of trying to retrieve a small portion o f this loss by seeking higher returns in the stock market, with the additional risk this implies. Virtually everyone agrees that Social Security is a great system. It provides tens o f millions o f w ork ers with a guaranteed, core retire ment income. It also provides dis ability insurance to people during their working years. In addition, it provides survivors’ insurance to the children of workers who die at an early age. It is also extremely efficient. The adm inistrative costs of Social Se curity are just 0.6 cents o f every dollar that gets paid out in benefits. By contrast, the adm inistrative costs o f systems o f private retire ment accounts, like the one in En gland, eat up 15 cents o f every dollar in benefits. Social Security also has a minimal amount of fraud and abuse, as numerous govern ment audits have repeatedly docu mented. W hy w ould anyone w ant to change a system that works so well? The main reason is that President I f people knew the truth about Social Security's finances, then there would he no support fo r President Bush's benefit cuts and privatization plan. Bush and the financial industry have managed to convince people that Social Security is on the edge of bankruptcy. M illions of younger workers and even many older work ers now believe that they will never see their Social Security checks. O f course. President Bush has rarely felt constrained by the truth. Some may recall the fact that the administration concealed its esti- M ì.lovllattò (Phsrerlrer Building wealth easier than one might suspect Jefferson High School School o f Champions — School o f Pride The Robert G. Ford Memorial Theatre 5210 N. Kerby, Portland, Oregon W h en ? Monday, January 17, 2005 12:00 P.M. - 7:00 P.M. Live Broadcast/Sinuilcast Portland Community Media, Channel 11 Jefferson High School Television Dept/Television Services (PPS), Channel 28 KBOO 90.7 EM D on ation : $3.00 or 3 ca n s o f n o n -p e r ish a b le food \ '_________________✓ Sponsored by: Portland Public. Schools • Portland Association o f T eachers • Killingsworth Little Chapel o f Chimes • SAFECO C orporation • O regon Education Association • Providence H ealth System • Portland C om m unity C ollege • Enterprise Rent-A-Car • P ortland G eneral Electric • KBOO Radio • Portland Com m unity Media I Dean Baker is economist and co-director at the Center for Eco nomic and Policy Research in Washington, D.C. New Year’s Resolution: Buy a Home by “ Keep The Dream Alive” public statements. For these reasons, it would be better to rely on the actual numbers th an a c ce p t P re sid en t B u sh ’s claims. The official numbers cer tainly tell a very different story. The Social Security trustees report shows that the program can pay all scheduled benefits through the year 2042, with no changes w hat soever. Even after 2042, the pro gram would always be able to pay a higher benefit (in today’s dollars) than what retirees currently receive, although less than the full sched uled benefit. The non-partisan Congressional Budget Office did an independent investigation of Social Security’s finances and came up with an even brighter picture. They found that it could pay all benefits through the year 2052 with no changes whatso ever. Furthermore, according to both sets o f projections, the changes required to keep the program sol vent through its entire 75-year plan ning period are smaller than the changes made in any o f the de cades from the 1950s to the 1980s. If people knew the truth about Social Security’s finances, then there would be no support for Presi d en t B u s h 's b en e fit c u ts and privatization plan - that is why pro p o n en ts o f p riv a tiz a tio n have worked hard to spread fear about the program ’s financial health. Re member, there is no more reason to trust these folks on Social Security than on Iraq - look at the numbers and reach your own conclusion. Advertise with diversity in A Production of World Arts Foundation, Inc. Rev. Dr. Martin Luther King, Jr. mates o f the cost of its Medicare prescription drug plan as Congress narrowly approved that measure. Immediately afterwards, the pub lic was informed that the actual cost o f the benefit would be more than $ I (X) billion higher than the projec tions in front o f Congress at the tim e of th e v o te. The adm inistration'sconduet of foreign policy also provides some basis for questioning the truthfulness o f its LIM ITE D E X H IB IT SPACE AVAILABLE COR VENDORS F or M ore In fo rm a tio n P lease C all: (503) 2 8 3 -7 0 6 9 www.w ori (lartsfounriat ¡on.org S ecretary A lphonso J ackson As 2005 approaches, many o f us will seize the opportunity to evalu ate our lives and embark upon new beginnings by m akinga New Year’s resolution. W hether w e’re pledg ing to lose weight, use our credit cards more wisely, or spend more time with our families, our resolu tions - if carried out - can have significant and life-altering results. One o f the keys to improving an individual’squality of life is to build wealth - and doing so is far easier than one might suspect. T heodore R. Johnson joined United Parcel Ser vice in 1923, while UPS was still in its infancy. Although Jo h n so n e v e n tu ally becam e one of the com pany' s vice p re s id e n ts , he never made more than $I4,(XX) per year. D espite his low salary, Johnson dedicated a portion of every paycheck to in vesting. By his 90th birthday, Johnson had accrued nearly $70 million. Today. Johnson’s legacy lives on through a scholarship foun dation he created before his death. The story o f Theodore Johnson is not typical, but it illustrates per fectly the idea that accumulating wealth can lead to a better qual ity of life. As Secretary o f the U.S. D e partment of Housing and Urban Development (HUD), I know that w ea lth a c c u m u la tio n th ro u g h homeownership is the key to finan cial independence and self-suffi ciency. If you don’t already own a home, I’d like to suggest that becoming a homeowner in 2(X)5 be among your New Y ear's resolutions. Homeownership brings count less benefits. When you make a mortgage payment, you’re build ing equity, which is an investment in your fam ily’s future. Owning a home can qualify you for tax breaks that actually lower your monthly o u t-o f-p o c k e t c o s ts. A nd homeownership provides the kind of freedom, stability, and security dating than you might think. Only a few years ago, conventional loans required 10-20 percent down on the purchase o f a home. Today, down payments are significantly lower, and with good credit, you may qualify for an FHA-backed loan that only requires a down payment of 3 percent. First-time homebuyers might even be eligible for help with their down payments and closing costs through HUD’s new Ameri can Dream Down paym ent Initia tive. H U D ’s website is a great tool for finding homeownership counsel When you make a mortgage payment, you 're building equity, which is an investment in your family s future -Alphonso Jackson, secretary of the U.S. Dept. of Housing and Urban Development (HUD) that is attainable in few other ways. As long as you have a steady salary, good credit, and few long term debts, purchasing a home is probably within your reach. And by taking things one step at a time, you'll find that buying a home can be a very manageable process. The most important advice I can offer is to aim for a house that you can afford, which is generally about two- and-one-half times your annual sal ary. So if you're making $5(),(XX)and you have gtxxl credit, you can prob ably afforda$ 125,000 home. Down payments are less intim i ft ing. If your credit history is tar nished, housing counselors can help you restore your credit and p u t y o u on th e p ath to homeownership. A good real es tate agent - one who ideally comes recommended by family or friends - is another invaluable resource. Buy ing a home is one of the most important steps a family can take tow ard realizing the A m erican dream. So for 2(X)5, consider m ak ing a resolution to buy your first home. HUD and our partners are here to help ensure that this is one resolution you keep.
