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Exerpts from Digest #007

// -- CONTINUING DISCUSSION -- Extended //

>From Your Moderator:

Subject: Taxes

Just when you begin to think that a topic has run it's course... when something as simple as a political campaign can start a fire under the subject. On Tuesday I posted an article on the site (http://www.bluecollardollar.com/insecurity.html) that seemed to rouse a little bit of attention. George Bush had just released his plans for Social Security and Al Gore quickly refuted the idea as bad for the system and bad for the good folks who live in this country. Closer examination of both men's ideas found that neither were proposing the best way to handle the problem. Of course we think we have come up with a better plan.

What we will be guaranteed of is the kind of mudslinging on an issue that is and has become very sensitive to a lot of people. It has been the subject of numerous articles here at the BCD and it has been written about in almost every publication from Modern Maturity to Better Homes and Gardens. Now normally we wouldn't be talking about Social Security within the topic of taxes. It is something we pay (about 12.5% of payroll goes to fund it) and it is something that we have for years, assumed would be there. Recent accounting and projections have told us that this is not necessarily so.

The system is built upon an "in one door, out the other" method. Current workers are paying for retired ones. This is what has caused so much concern. The pool of workers working now will begin to retire and there will not be enough future workers to pay for the mass of "Baby Boomers" who begin to retire. This has created a so-called need for reform.

Bush's proposal is in the guise of a tax cut. Gore would have the surplus pay down the debt.

And the readers have responded. Here are a few:

If you have a different opinion or would like to contribute to this discussion, send your emails to mailto:editor@bluecollardollar.com.

From:SloLane

re: taxes

Everybody goes off about their incredible tax burden and when Bush dangles a carrot in front of us we tell him we like some other veggie. Well, I for one think it is a great idea. I read somewhere that it would save taxpayers $92 billion every year. This sounds good to me.

If you have a different opinion or would like to contribute to this discussion, send your emails to mailto:editor@bluecollardollar.com.

From:Stanley J

re: taxes

This isn't the first time this subject has popped up with Gore and his administration. I seem to recall that he backed the President on this subject of investing a portion of the Social Security funds in the stock market. But I don't think he wanted us to do the investing ourselves. Sure we would get a tax break, but would the average Joe see that as an opportunity to take advantage of the "miracle of compounding"? I don't think so. What I see is the average Joe spending the additional money like some kind of bonus while being surprised twenty years from now when he finds himself pulling an eight less than he would have had nothing happened.

If you have a different opinion or would like to contribute to this discussion, send your emails to mailto:editor@bluecollardollar.com.

From:Howie Ducette

re: taxes

Bush makes feel like a very hungry fish in an extremely shallow pond. He will dangle the bait and I am afraid that he will get many a hungry fish to bite. I saw an article in Bob herbert's column in the New York Times that said that George Bush's economic advisor sold his entire position in the stock market so that he could sleep at night. But he thinks that we should do it ourselves? I wouldn't be reading the BlueCollarDollar if I knew everything there was to know.

And I am not saying Gore's idea is much better. But the idea of buying down debt is both sound and wise. But far from sexy. Sexy is tax cut. And I hope I am luckier than I was at Atlantic City last weekend.

If you have a different opinion or would like to contribute to this discussion, send your emails to mailto:editor@bluecollardollar.com.

From: Hawai'iRoast

re: taxes

I am scared. I quote Bush: "First, we must not change Social Security for those that are retired or nearly retired." then something, something, and then something about promises being honored. The Republicans have had a thing for Social Security since it was begun, and have been bad mouthing it ever since. Wasn't it Phil Gramm who thought that eighty year olds don't get his pity because most people don't live to be eighty.

I do not have the time or the inkling to learn where I should put my money. And if it is like some of the other investments I've made, I can be rest assured that I will be one of those who end up losing while others gain. But Bush is smart not letting Gore get his hands on anything but the proposed plan. Gore would have a field day. I'm not sure Gore has a better idea, but it's better than Bush's "proposal"

If you have a different opinion or would like to contribute to this discussion, send your emails to mailto:editor@bluecollardollar.com. .

Editors Note: If you have requested that your e-mail address be withheld, it has been done. The above responses have been edited somewhat for length and spelling. The BlueCollarDollar would like to thank you for your participation and continued support. Feel free to forward this Digest on to any interested parties.

The BlueCollarDollar is moderated by: Paul Petillo

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---------- End of BCD Discussion--------------