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April 07, 2005

George W. Bush's $1.7 Trillion Grand Larceny Spree

Yup. That's what he said he was doing. Taking Social Security's payroll tax revenues to fund his upward redistribution of wealth, and giving the Social Security Administration "worthless IOUs" in exchange:

Max Sawicky writes:

$639 BILLION. That's how much in "worthless IOUs" our President has given to the Social Security Trust Fund (FY2002-2005), in exchange for your payroll taxes. Over the next five years, our President proposes to add another $1,061 billion to this crime spree. (President's Budget, Summary Table S-10). According to the Congressional Budget Office, the projected ten year total Trust Fund swindle (FY2006-2015) is $2,554 billion. (CBO March, p. 2, Table 1-1)

Posted by DeLong at April 7, 2005 04:33 PM