AR-Sen: Lincoln Unveils New Ad, Highlights Important Differences

20 Aug

Sen. Blanche Lincoln has fired the first shot on the airwaves against challenger Rep. John Boozman today, unveiling a new ad where she aptly points out his complete lack of common sense for his strong support of privatizing the nation’s Social Security system, noting correctly that Boozman supported both George W. Bush’s ill-fated push to completely overhaul destroy our seniors’ life-line during his tenure and GOP Rep. Paul Ryan’s new plan to partially privatize the system (and to take broad swipes at Medicare in the process).

She also hits on Boozman’s ridiculous “Fair Tax” idea (a 23% across-the-board national sales tax) that Boozman shares with other notable crazies like D.C. Morrison.


One Response to “AR-Sen: Lincoln Unveils New Ad, Highlights Important Differences”

  1. August 20, 2010 at 1:21 pm #

    Some observations from your post:

    –down 38% to Boozman (according to Rasmussen), Lincoln better start using her war chest! Kind of like the Hogs being down 38-0 to Alabama at the start of the 4th quarter and finally deciding to bring Ryan Mallett into the game.

    –reality check on Social Security, that great Ponzi-scheme that turned 75 just days ago: over then next 75 years, it has unfunded liabilities of over $16 trillion . . . that’s trillion with a “t”! And Liberals like you call it a “successful” program? Or try out another government-run boondoggle: the California Retirement System (Calpers) which as we speak has an unfunded liability of $500 billion . . . that’s billion with a “b” for just one of our 50 states. I would say the government-run programs aren’t particularly better or more importantly — safer — than any private retirement funding vehicle like a 401K. What we have to go to is simply a mandated 401K for Americans with tight restrictions on the investment allocations of the accounts and gradually phase out Social Security without changing a thing for those workers who are in retirement, at retirement or approaching retirement (generally 10 years or less). For those workers greater than 10 years from retirement (age 62) but less than 40 years from retirement, there will be a graduated reduction in expected benefits with a graduated reduction in how much Social Security tax one pays. For example, for a worker who is 20 years away from retirement, their benefit will be cut in half while their tax will be reduced by only a third. In such a scenario, that worker gets less benefits but also gets a little relief in the tax he pays. To make up the amount of benefit that he was originally projected, the worker will be required to set up a mandated 401K/IRA plan where he will contribute 10% of his income. Such a plan would have no more than 30% allocated to investments affected by the stock market and the remaining 70% of the account would be invested in a mix of private bonds and U.S. Treasury bonds. This can definitely be done but some people are going to have to fight through the fact that “their cheese has been moved” and get over it. And lastly, remember hearing politicians constantly drone on and on about how are children and grandchildren are going to pay for all of those government-give-away, entitlement programs that have been enacted over the past 80 years? Well, that group of people that gets stuck with the bill and will be paying to clean up our mess is going to be those people who are more than 40 years away from retirement age (age 62). They will have a private 401K/IRA account in which they will be required to contribute 15% of their income into. While they won’t receive a Social Security type of benefit, they will instead have a 401K that will be conservatively and prudently invested and most importantly, it will be their money and the government can never touch it or raid it like they’ve raided the Social Security surpluses over the past years. The downside will be that they get stuck with a 3.1% tax that they receive no benefit for but which simply goes to pay off all of the promises to workers before them. That tax goes away when less than 5% of the population is receiving Social Security benefits. Again, all of this is very doable if only we get people like Obama to stop demoguing (sp?) issue. Here’s what he said the other day in his weekly radio address. I have put my responses to his demogogery in parentheses: “But some Republican leaders in Congress don’t seem to have learned any lessons from the past few years. They’re pushing to make privatizing Social Security a key part of their legislative agenda if they win a majority in Congress this fall. … That agenda is wrong for seniors (under the plan I’ve just outlined, seniors won’t be affected at all . . . zero, nada, zilch; seniors will still be entitled to the promised benefit amounts . . . that’s the beauty of my plan), it’s wrong for America (what’s wrong for America and Americans is for politicians to have set up such an unsustainable entitlement program in the first place and then use the revenues collected from the Social Security tax for general government funding), and I won’t let it happen. Not while I’m president. I’ll fight with everything I’ve got to stop those who would gamble your Social Security on Wall Street (first, whatever funds are a part of Social Security never get invested . . . they get spent by Congress for more entitlement programs; Social Security is simply a Ponzi-scheme or a ‘pay-as-you-go’ scheme that eventually will implode like Bernie Madoff’s Ponzi-scheme; second, when we move away from Social Security to private accounts owned by the worker and only the worker, they will not be allowed to invest any more than 30% of their assets in investments tied to the stock market so Obama’s claim of gambling ‘your’ money on Wall Street is simpy false; any financial advisor like myself, knows that an investment portfolio is not going to get ‘blown-up’ in the stock market when you have 30% exposure to the stock market; again, just want a politician to level with me the voter instead of telling me why I’m too stupid to take care of myself and I need government to it for me).” It would behoove anyone who wants great perspective on the disaster that Social Security has become to read the following article:

    –the same thing can be done for replacing Medicare with a private health insurance account; mandate that everyone has to contribute 3% of their income into a health savings account to be used in place of Medicare

    –scrapping our current tax code is not only fair but consumer friendly; it’s no fun when you pay income taxes but you watch 47% of your fellow Americans pay NOTHING in taxes. Every able-bodied person should have to pay their fair share and pull their own weight; moreover, the fair tax individuals from having to fool with and pay money for tax preparation; additionally, the fair tax will tax all money in our economy including money from illicit activities like drug dealing, gambling and prostitution; there are so many more advantages of the “Fair Tax” compared to our current taxation system but don’t have time/space to list them here.

    –on all of these ideas, if we try them and they don’t work, then guess what? We can always go back to the failed and broke Medicare and Social Security entitlement programs! That’s easy. But doing the same thing over and over and expecting a different result is the mark of true stupidity and idiocy! Quit defending broken entitlement programs that are leading our Nation down the road to bankruptcy and a Greece-like destruction.

    –And Liberals love to talk about how the Conservatives and Republicans have no ideas and are the party of “no” but I’m sure Democrats will once again, be the party of “no” when it comes to a sane, sensible and rational plan for a sustainable retirement program for the American People


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