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09/03/2001
ABC's George Stephanopoulos is determined to keep alive the Democratic myth of the Social Security lock box. Of course, it existed only in Al Gore's dreams--a convenient campaign ploy.

The social security "trust fund" is full of IOUs. Not one cent of surplus FICA taxes collected has ever been put aside for future Social Security needs. As Brit Hume stated on Fox News Sunday, 0826/2001, "We keep hearing that the Social Security surplus may be invaded, which is to say that these payroll tax revenues that come in, which are estimated to be in excess of what's necessary to pay benefits by somewhere between $155 and $160 billion this year, will not be touched, that they're in a quote, 'lock box," unquote. In face though, sir, isn't it the case that the money will be very much touched and it will be loaned back to the government. Social Security will get IOUs or government securities and what will happen is the money will be used to pay down other government debt, correct?"

Yet mere reality did not keep Stephanopoulos from spouting the Democratic Party line. On ABC's This Week, 08/26/2001, he brought up the symbolic yet non-existent lock box in three separate questions:

• To White House economic adviser Larry Lindsey: "After this mid-session review budget report came this week, both you and President Bush mentioned what seemed to be a new exception to taking money from the Social Security lock box. You said that when there's a recession you can dip into the lock box. What's the economic rational for that?"
• Again to Lindsey: "The President has also said that he thinks the Congress has to restrain spending. Are you committed now to saying the President will veto any congressional spending bills that dip into the lock box absent a recession?"
• And to Senator John Edwards, D-NC: "You talk about talking straight and tough choices. Are the Democrats prepared to make those same tough choices? You say there's a big problem with the budget this year. Are you prepared, as Senator Byrd has suggested, to come forward and say we have to repeal or delay parts of the tax cut to make sure we don't tap the Social Security lock box?"

What's with all this lock box crazy talk?

Democrats would very much like to make President Bush sound irresponsible for cutting taxes. Furthermore, they are highly motivated to prevent any future tax cuts. As the saying goes, the Democrats are the party of "Tax and Spend"!

Unfortunately, Bush staffers are loath to openly speak of Social Security in factual terms because during the campaign, Bush himself gave lip service to "saving" the Social Security surplus. Larry Lindsey uttered not a peep in protest to Stephanopoulos lock box malarkey.*

From a media bias perspective, it is unconscionable that ABC's political analyst is willing to present the Democratic spin instead of reliable facts on a hot button issue like Social Security. Let's tell George Stephanopoulos that we find his unbalanced handling of this situation irresponsible. Here is the contact information:

Contact page

ABC
77 West 66th Street
New York, New York 10023

Phone: 212-456-7777
Fax: 212-456-4292

*Although not a media bias issue, in my opinion, it would not be a bad idea to fire off an e-mail to President Bush respectfully encouraging him to instruct his help to stop hiding behind an unworkable statement he may have made during the campaign.