Apparently President Bush has a new plan for the federal budget. As he cuts almost $2 trillion from federal income, he also plans to pay down the national debt, using the Social Security surplus. The idea is that money saved on interest payments from federal debt would then be diverted to repay the Social Security trust fund. U.S. taxpayers should think about that. The U.S. economy is on the brink of a recession. If the economy goes sour, there may well be no budget surplus as has been projected. In that event the government would again have to borrow money, as it did during the Reagan years. If borrowing resumes, interest payments would rise again. “Poof” would go repayments earmarked for Social Security, and “poof” would go retirement security for millions of aged and disabled Americans.
Mr. Bush should rethink his plan, and he should keep his hands off the “surplus” in the Social Security trust fund.
