Published
in: The New York Times, National Edition, Thursday, September 7, 2000,
p. A24:
The 2000 Campaign: Economic Goals
Behind the Numbers:
"Debating Detailed Plans for Hypothetical Money".
By: Richard W. Stevenson
Washington, Sept. 6 -
"In releasing a detailed economic blueprint today, Vice President
Al Gore reignited a debate with Gov. George W. Bush about who can better
apportion the projected federal budget surplus without driving the government
back into the red and running the good economy off the rails.
By making selective assumptions about which tax and spending proposals
to include and how to put a price on them, both presidential campaigns
can produce bottom lines suggesting that their's is the path of fiscal
prudence, and their opponent's the first step toward economic ruin.
The money the two sides are playing with is only hypothetical at
this point, and for all the numbers flying back and forth, the issue is
not really arithmetic. What matters is the clear difference in approach
to economic management and use of the surplus between the two parties and
their candidates."
(WebEditor: The clearest difference between the two candidates is
Gore's plan for debt reduction, and Bush's avoidance of debt reduction
(see above table). This debt reduction by Gore is a continuation of the
policy of the present Clinton Treasury Department,
and like the current policy, consists of taking funds from the Social Security
Trust Fund and the Medicare Trust Fund, and then using these funds to buy
out wealthy bond owners. The net effect of these transfers is to reduce
the future risk of these bond owners, while increasing the future risk
of the Social Security Trust Fund and the Medicare Trust Fund. At the same
time, by such raiding, the Trust Funds are denied
both the principal and the interest that could be earned on such principal,
while the bond owners are rewarded by liquidity for current investment,
and subsequent return-on-investment at rates higher than on government
bonds.
Gore's plan involves three sections (see above
table) where Social Security Trust Fund and Medicare Trust Fund "Lock Boxes"
are co-mingled with Debt Reduction to present owners. The mingling of Debt
Reduction with the Trust Funds is an inherent conflict of interest.)
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