The Raw Deal: How the Bush Republicans Plan to Destroy Social Security and the Legacy of the New Deal | 
| Author: Joe Conason
Creators: Al Franken, James Roosevelt Jr.
Publisher: Polipoint Press
Category: Book
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Avg. Customer Rating:  11 reviews
Sales Rank: 436937
Format: Illustrated
Media: Paperback
Number Of Items: 1
Pages: 141
Shipping Weight (lbs): 0.4
Dimensions (in): 7.7 x 5 x 0.5
ISBN: 0976062127
Dewey Decimal Number: 368.4
EAN: 9780976062127
ASIN: 0976062127
Publication Date: October 1, 2005
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Product Description
Social Security is facing the most serious, well-financed, and determined threat to its existence since its inception in 1935. For Americans to make sense of the barrage of conflicting messages on the subject, it's necessary to understand who is behind the campaign to "reform" Social Security, what the campaign aims to achieve, and how it misrepresents its goals. Best-selling author Joe Conason exposes why and how this is happening. "The Raw Deal explores the Right's privatization goals, Bush's hard-fought privatization campaign (built on a stacked "study"), the corporate interests behind the plan, the media campaign to undermine confidence in Social Security, and how the swindle can be stopped. Conason's no-apologies, no-nonsense approach clears up the myriad misperceptions surrounding this important, confusing issue and gets to the truth about the big Social Security bluff.
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| Customer Reviews: Read 6 more reviews...
 Welfare commits government to increased spending during economic downturns July 22, 2008
1. Financial Wealth loses its significance when valuable and expensive services like pensions, health care, and education are provided through collective institutions. Federal pension systems, state colleges, and government health insurance greatly reduce the exposure of ordinary people to financial risks. Costs that are overly burdensome and unpredictable for an individual or family, like those associated with raising a child, treating chronic illness, or outliving one's savings, are instead dispersed across the population.
2. Health care fails on numerous counts: a. Patients lack pertinent information about appropriate medical care b. Patients can not opt out of their health care policy when then interest are not being served. c. Patients cannot afford health care. Many middle class workers go broke paying large deductibles and expensive coverage policies. d. The health care business does not face competition for the market share. Foreign companies cannot setup business and compete for patients. The diversity and numbers of health care production is not stepping up as health care prices climb. There are a limited number of medical schools and not enough medical personnel and schools limit enrollment; as a result, the pool of licensed providers is constrained; medical personnel wages rise, resulting from increasing demand and specialization. As a result, health care has become excessively expensive, the quality poor, and the variety of provides minimal. "Health care in the United States was long provided by independent physicians, bound by professional code of ethics, and by public or not-for-profit hospitals and insurers. For profit chains began buying into the health care system in the 1990s, but suspicions about their motives fueled intense public dissatisfaction with the US health system and recent studies confirm that they offer inferior care." 77 percent of Americans believe the government should spend more on health care; 88 percent want medicare to pay for prescription drugs; and two in three want more money spent on mental health.
3. http://zfacts.com/p/461.html, National Debt clocks, $9.3 trillion, 2008. "Debts of the federal government differ entirely from personal debts; they do not need to be repaid, are not claims on the incomes of ordinary families, and will not plague future generations." When the government runs a deficit in its annual budget, spending more than it collects in tax revenues- it closes the gap by selling T-Bond to banks, insurance companies, pension funds, and mutual funds (this group also controls 70 percent of the wealth in the stock market). The group invests it's cash and buys government debt in exchange for regular interest income, $9.3 trillion dollars worth. $600 billion in notes is held by the fed to back the US money supply; the Treasury extends a loan to the Fed for $600 billion; the fed uses the loan money to create more money; the fed money is sold to banks and they use the new money like a collateral asset that can be leverage to create new loans; the loans charge a premium for usage and the banks profit from the interest; consumers feel safe because their bank monies are protected by Fed insurance; Banks appreciate savings because they are loaned for interest payments returning a minimal payment back to the saver. How does the fed pay the interest payments on the notes? "The treasury roles them over an selling freshly issued notes to new buyers and using the cash to repay the maturing debt."
4. Repaying federal debt is unpalatable. Bondholders are not clamoring for debt repayment. "If fact, without US Treasury bonds to invest in, banks, insurance firms, pension fund trustees, and other financial managers would lose their safest and most negotiable financial asset." "The fed would lose its ability to introduce money cheaply into the banking system." "Retirees would lose their best alternative to putting savings in the unpredictable stock market." Repayment of debt would probably make the stock market more volatile. The Treasury would need to collect additional taxes and transfer more money to the richest 1 percent that hold 50 percent of the bonds. Debt repayment might trigger an economic depression, as individuals and companies curb spending. Depression was characterized as loses in savings, asset price plunge, defaults on loans, credit drought, rising unemployment, 50 percent mortgage foreclosure, and reduced spending.
5. The rich dislike Keynesian economics with a passion. Keynesian economics leads to high taxes for the rich, excessive government spending (10 fold during the Great Depression), and government work projects. "Putting people to work required governments to run deficits and pile up debts." The debts were a loan to the public. The public loan did not exceed $4 billion. Instead, it set a precedent that public debt did not have to be paid for immediately by taxation. Taxation was a barrier to curb spending, reduce debt, and return the system back into balance with budgets. The ten fold spending moved the US economy from deep depression to boom, swelling the deficit to $47 billion by 1944, a six-fold increase in debt. Before the 1930, the US government had faithfully matched spending to tax receipts each year unless the nation was at war. "After the New Deal, fiscal deficits became a fixture of federal budgeting. The treasuring ran deficits from 1934, until WWII, accumulating a 1946, public debt of 120 percent of GDP.
6. Social Security, Medicaid, Medicare, food stamps, child nutrition programs, and plethora of welfare programs create entitlements and commit government to increased spending during economic downturns, regardless of the impact on the deficit. "The government entitlements provide a bedrock level of federal spending in lean years as well as a minimal guarantee income to prevent wages from plummeting into recession." Keynesians warned that deficits promote growth and surplus promotes recession.
7. Statistical studies find a weak or no correlation between deficit spending and interest rates. If crowding out for national savings were a problem, it would happen with or without a deficit. The US Government borrows all the time and under any interest rate condition. In the 1990s when Clinton cut the US deficit, the Fed doubles the short interest rate and "any notion of any link between deficit cutting and interest rate reduction was decisively nullified."
8. Concerns that deficits cause inflation are a myth. If workers are unemployed and factories idle, public programs can only benefit the economy.
9. A serious objection to deficit spending is that debt raises interest rate obligations to lenders; interest payments becoming an ever rising share of the federal budget. "Interest rate commitments will not crowd out federal programs except for the fact antigovernment conservative attempt to set artificial caps on the level of federal spending." Rising interest payment distribute more money to the rich; risk reward for holding so much of the national debt.
10. Reagan urged Congress to pass three tax cuts for the highest earners: 70 percent in 1980 to 28 percent by 1986. The deficit swelled from $74 billion to $221 billion. Bush raised the rate to 31 percent. By 1992, the government was borrowing $290 billion per year. "Deficits would never have happened without tax cuts, that if Congress was unwilling to tax the well-heeled, there was nothing to prevent it from borrowing their money, that deficit hysteria always centered, ultimately, on programs that redistributed the nations income and ameliorated income disparities was labeled fiscally irresponsible."
11. 1990s economic surplus was caused by Japanese foreign investment see "Dollar demise". In 2008, the economy remains robust due to Chinese products and services, see "Real Cost of War" and "The Price of Democracy". And "Wealth and Democracy". "Clinton attributed the strong economy and roaring stock market to tough spending caps and fiscal restraint and pledged further fiscal austerity."
 The Planned Destruction of Social Security February 12, 2007
1 out of 2 found this review helpful
The `Preface' by James Roosevelt Jr. says Social Security racks up surpluses as it had done for decades and will continue to do so. The special interests who want to "reform" Social Security really want to weaken or abolish it. So it is up to the American people to protect it in order "to promote the general welfare". Al Franken's `Foreword' wastes its pages on comic comments. The `Introduction' says Bush's scam would be both risky and costly, they use scary stories to fool people into believing their lies. Most Americans don't trust Bush (p.4). Conason warns about the "United Seniors Association" created to scare people into sending them money (p.5)! Powerful financiers want to destroy Social Security (p.6). They use phony fronts to fool people (p.8). Complaints and lies about Social Security go back to 1936; they have been proven false repeatedly (p.10). They can't learn and can't forget.
Here's how this fraud would work. They promised a lucrative return on "personal" accounts but didn't tell that management fees and substantial risks would drain these accounts. They promised the owner of the account would control their money but didn't tell that choice would be limited. They promised these accounts would be inherited but didn't tell you this would need an annuity that would leave little to heirs. They promised that Social Security would go bankrupt but didn't tell you this contradicted their prediction of increased growth in the economy. Heads they win, tails you lose. In the real world, people making these promises on investments would go to jail.
Chapter 1 explains when Bush says he wants to "strengthen" Social Security he really wants to reduce benefits (p.22). Conason neglects to tell that in 1952 Eisenhower promised to extend Social Security to the middle-class by including small business owners and farmers. He did this in 1953. There is no crisis in Social Security, and won't be if economic growth continues. If growth is slow private investments will suffer (p.29). Chapter 2 tells about the various publicity groups formed to attack Social Security with lies and half-truths. Conason names the corporations who pay for these advertising attacks. They simply lied about privatization (p.49)! Billions were squandered by Bush on tax cuts for the super-rich (p.50). Conason explains the frauds of the privatizers (p.56). Privatization was renamed "Choice" (p.57).
Chapter 3 tells about the phony groups who either mislead people to try to defraud them. They make up "facts" to try to prove their case (pp.67-68). This chapter tells of their techniques to divide and conquer (p.74). The AARP opposed Bush's failed proposal, and described the essential elements for a retirement plan (p.77). AARP won't tear down the house because of a clogged drain (p.78). Does the description of "United Seniors Association" on pages 79-83 expose their hidden agenda? Chapter 4 tells about the plans of Wall Street to swindle private accounts (p.86). Private accounts are losers compared to Social Security (p.89). Bush's plan to privatize Social Security because of a lack of popularity (pp.104-105). "You can't fool all of the people all of the time." Social Security was the best-working government program.
The `Conclusion' points out that Bush has not provided an actuarially sound plan to deal with an alleged future crisis in Social Security (pp.109-110). The proposed change could not work. The projected outlook for Social Security over the next 75 years is reasonably good (p.114). [The real problem is falling real wages and too high taxes.] There are other real solutions (p.117-121).
Outdated by events, but still worth reading May 6, 2006
5 out of 24 found this review helpful
Given the current state of affairs in Washington, it's highly unlikely that Bush is going to be able to get very far with his plan to abolish..... (or "reform", as he puts it) Social Security. The Republicans aren't suicidal enough to bring this up before the midterm elections, and let us hope that the results of the elections will put the kibosh on this at least for a while. So the alarm that the book sounds is a bit outdated, since the public woke up to what was going on (at least partly thanks to books like this). But it's still worth reading as an expose of some of the tricks the Republican noise machine has been up to. My favorite episode involved the attempt to paint the stodgy AARP as pushing gay marriage (remember that one?). Let's hope people don't forget it!
Primer on Bush Administration Operating Procedures January 10, 2006
11 out of 12 found this review helpful
If the Ku Klux Klan were to suddenly announce a plan to help black people it would be advisable for blacks to stay as far away from it as possible and when Conservatives announce their intention to save Social Security you can bet that saving it is the last thing on their minds. For 70 years Conservatives have seethed over the existence of Social Security as the de facto centerpiece of the New Deal and St. George W was to be the last best hope to slay the dragon once and for all.
In a sense `The Raw Deal' seemed dated even before it hit the bookshelves since personal accounts were already dead in the water. The disastrous sales pitch may have had a lot to do with timing since it came on the heels of the second largest stock market collapse in history as well a series of corporate scandals. A few sustained years of stock market success and the public might quickly find itself blinded by dollar signs. In another sense this book couldn't be any more timely as it's a template for the operating methods of the Bush administration and the Republican party. The fight for privatization is a classic attempt by wealth to usurp debate. This is boilerplate Bush with attempts to stack the deck, ignore impartial advisement, bully businesses and politicians, use industry sponsored Think Tanks to unleash mountains of biased information and as Bush himself said `catapault the propoganda'. In one of the most cynical moves of late, Conservatives used what are called Astroturf organizations. These are groups that give off the illusion of being grassroots movement for a specific demographic (blacks, elderly etc.) when in fact they are corporate funded with little to no actual members. Meanwhile, in perhaps the lowest move of the battle Conservative funded USA Next, fresh from Swiftboating John Kerry unleashed its fury on AARP claiming them to be anti-military and pro gay marriage.
Social Security `reform' is dead for now but the methods used to push it are so routine at this point that it would be well worth people's time to analyze what was done. In all the back and forth people tend to forget or perhaps never realized that the Bush administration never once drafted specific proposals. Sure they would drop hints and ideas but nothing substantive for critics to actually analyze. The intention was to win the war first and figure out if a solution was feasible later. Since the Bush administration didn't give a damn about arguably the most successful government program ever it didn't matter whether or not any eventual solution worked.
"The Raw Deal" is a small book at 136 pages that can be read in a few short sittings but it's packed with information. The ideas within are much broader than Social Security. They are about leadership, honesty (mostly a lack thereof), cynical politics and manipulation of the public. It's about a president whose ideas are so vacuous that he can only give speeches before pre-selected audiences of converts and sycophants. "The Raw Deal" is a relatively small investment in time that informs far beyond its short length.
Soc Sec Expert Says Conason is On the Mark! December 28, 2005
14 out of 14 found this review helpful
I worked as an expert on US Social Security policy for 7 years in Washington, DC: 4 years at the Social Security Administration (Office of Policy) and 3 years as assistant director of Social Security policy research for a non-partisan Washington, DC non-profit organization. (Type "Kelly Olsen and Social Security" into any search engine if you're unconvinced that I know what I'm talking about here.)
Two years after leaving public service in Washington, DC in 2003, I wrote an op-ed in the Asheville Citizen-Times (March 20, 2005, available online at http://www.citizen-times.com/apps/pbcs.dll/article?AID=/20050320/OPINION03/503200308/1058/OPINION01) in which I basically say in 900 words what Mr. Conason says in this book. The main difference between what I said in my op-ed and what's in this book is that Mr. Conason has the space to fill in the main details.
Mr. Conason is onto the Republican elite's game of deception to undermine Social Security altogether. Andrew Biggs, who now heads up the Social Security Office of Retirement Policy under George W. Bush, actually wrote in 1999 (when he was not yet a political appointee) that "private accounts would sever the ties of middle-class and wealthy Americans to government assistance programs and diminish political support for social welfare programs." Mr. Biggs argued that "market investment of payroll taxes sets the stage for ... a new political culture that rejects government intervention in favor of individual and market freedom. In that way, Social Security reform featuring Personal Retirement Accounts doesn't send just one liberal sacred cow to the slaughterhouse. It sends the whole herd." Clear enough? It is important to note that the Republican elite's Social Security goals are far to the right of the desires of most Americans who identify themselves as Republicans.
Alas, Conason's claim that the Republican elite are out to destroy Social Security is NOT liberal alarmist hype. Mr. Conason is right on the mark in his summary of the issue, and he has written an accessible and interesting book for citizens who want to educate themselves about how the current Republican party wants to undermine the most popular and administratively efficient social program in U.S. history, dish out money to their Wall Street friends in the process, and stick taxpayers with the tremendous transition costs of doing so. Mr. Conason's book is important because Social Security is a complex issue, and it's become more difficult for intelligent concerned citizens to gather the needed facts ever since the Social Security Administration started putting out its own pro-accounts political propaganda under George W. Bush. (Hey, your tax dollars at work, folks!)
I've left public service, and I don't plan to ever go back to working on Social Security policy. I'm on no one's payroll, and I have no incentive to write this review (or to have read this book, for that matter) other than my continued concern that people will let the Republicans destroy this critical program that keeps millions of working and retired families (aged, disabled, and young and old survivors) out of poverty. I am writing this only as a concerned private citizen (and a fiscally conservative moderate one at that). Whatever your political orientation, unless you're super-rich or on Wall Street, it's in your rational self-interest to oppose Social Security privatization. As I said earlier, the Republican elite are far to the right of their own citizen constituencies on this issue.
Most observers are saying the fight over Social Security privatization is over, but I don't put anything past this current group of Republicans. Sowing the seeds of Social Security's destruction is a long-standing fantasy of the Republican elite. So long as they control the Congress, the Senate, and the White House -- and there are Big Moneyed interests to appease -- millions of working families are at risk of losing their future Social Security benefits in the form of "personal accounts." Read Mr. Conason's book, inform yourself, spread the word, and make your voice heard.
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