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ÿlortlattÔ (JDbserUer _______________________ December 29. 2004
Page A4_______________ _____________________________
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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
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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.
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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
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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.