[Coco] OFF TOPIC........Social Security.......!!!!!!!

[Fred Kolesar]

I believe a few High level members of our past & current  Federal Government need to
be doing some Serous Jail Time!

Fred,

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Press Release Source: Allen W. Smith

Bush Acknowledges Looting of Social Security Trust Fund Says Author of 'The Looting of
Social Security'
Saturday February 12, 8:22 am ET


WINTER HAVEN, Fla., Feb. 12 /PRNewswire/ -- "President Bush has finally acknowledged
what I have been saying throughout his entire presidency," says economist and author
Allen W. Smith. "The $1.6 trillion of Social Security surplus money, that is supposed
to be in the trust fund waiting for the retirement of the baby boomers has all been
spent on other government programs and replaced with worthless non-marketable
government IOU's." Smith, the author of "The Looting of Social Security: How The
Government Is Draining America's Retirement Account," (Carroll and Graf, 2004) has
been waging an uphill battle to alert the public to the fact that Bush and his
predecessors have been spending Social Security money as if it were general fund
revenue, in violation of federal law. Smith also charges that President Bush is
continuing to illegally spend approximately $400 million of Social Security money each
and every day.
Smith was shocked when Bush on Wednesday said, "The money-payroll taxes going into the
Social Security are spent. They're spent on benefits and they're spent on government
programs. There is no trust." Smith thought that the truth had just accidentally
slipped out when the president let down his guard and strayed from the script. But
when Bush made similar statements on Thursday in both North Carolina and Pennsylvania,
Smith concluded that the administration was going to begin using the empty trust fund
as part of the effort to convince the public that Social Security is in crisis.

In the Pennsylvania speech, Bush said, "Every dime that goes in from payroll taxes is
spent. It's spent on retirees, and if there's excess, it's spent on government
programs. The only thing that Social Security has is a pile of IOUs from one part of
the government to the next."

Smith said, "I have been doing everything in my power over the past four years to
convince the public that Bush was illegally spending every dollar of Social Security
surplus in direct violation of his many promises during the 2000 presidential campaign
not to touch the Social Security money, and his solemn pledge during his State of the
Union Address on February 27, 2001 'To make sure the retirement savings of America's
seniors are not diverted in any other program.'"

"From my perspective," Smith continued, "President Bush clearly admitted to looting
the Social Security trust fund in three separate speeches this week. I suspect that he
and his advisers took a calculated risk that by revealing the ongoing looting that has
taken place over the past 20 years he would have more ammunition for his current
campaign to undermine Social Security. But I think he made a big political mistake.
When America's workers realize that they have been the victims of the greatest fraud
ever perpetrated against the American people by their government, I think there will
be an angry public outcry demanding that the looting be stopped and that the money
already looted be paid back to the trust fund and invested in marketable Treasury
bonds. If that is done, Social Security will then be able to pay full benefits until
2042."

     CONTACT: Barbara Rugel (863) 206-4431 or Allen W. Smith (863) 206-4292;
              email: ironwoodas at aol.com
     Website: http://www.lootingsocialsecurity.com



Available Topic Expert(s): For information on the listed expert(s), click
appropriate link.
Allen W. Smith, Ph.D.
http://profnet.prnewswire.com/ud_public.jsp?userid=350721