Friday, February 04, 2005

A swift kick in the balls

Oohh! The manager of the world's largest bond fund, Pimco, has this to say about the plan to gut Social Security.

Gross, managing director at Pimco, called the argument about the solvency of Social Security "silly" and said it was an example of the president not focusing on more important issues, such as the budget deficit.
Ouch!! Even the guys who would get a windfall aren't buying this lemon. This story is full of really good Gross quotes, like:
The president's argument for individual Social Security accounts is meant "to promote an agenda that has little to do with seniors and more to do with Bush, his ownership society, and ultimately his domestic legacy alongside the likes of Ronald Reagan and FDR," Gross wrote in comments posted on Pimco's Web site.

"Without a blockbuster of a program in his second term it is unlikely that Bush can go very far in the history books on the back of a paltry 3 or 4 percentage point tax cut for the rich," Gross wrote.

"Presto!" he continued. "We now have partial privatization of Social Security heading the agenda upon which the president intends to spend his well-advertised political capital.

Gross also goes on to talk about the demographic problem and how we should focus more on cutting the deficit so that their is increased production and money available to seniors here. When everybody is telling you this is a bad idea, you might want to listen, Mr. Bush.


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