9:13 AM 17 Feb 1999
---------------------- Forwarded by Melissa G. Green/OPD/EOP on 02/17/99 09:07 AM --------------------------- Jonathan Orszag 02/17/99 08:48:56 AM Record Type: Record To: See the distribution list at the bottom of this message cc: Subject: Social Security Paper for Today Message Sent TO: ________~----~--~--------------------------------------------- Roger V. Salazar/WHO/EOP Jason H. Schechter/WHO/EOP Lorrie McHugh/WHO/EOP Jennifer M. Palmieri/WHO/EOP Jake Siewert/OPD/EOP Joseph C. Fanaroff/WHO/EOP Melissa G. Green/OPD/EOP Jeff B. Liebman/OPD/EOP Natasha F. Bilimoria/OPD/EOP Unable to convert ARMS_EXT: [ATTACH.D84]MAIL40965705V.036 to ASCII, The following is a HEX DUMP: FF57504342150000010A02010000000205000000FE340000000200009FBBB6896FA913209EBBOE 4721C5EBB6430B7009A9CA6226392676EC5CF64D660165CCCC257353CB26E006C671ED253A7AFD CAB01717CF93F991BEE4A60B627BCAEF4D6CC9E2FCEACB8D1A2EFD78671110C9A5C2D366AD7DAD 01305061AD12DFC5CEE7EEAB79851CD9AF457BA6CBOC9336B9DDBED6C7B4CBE4D975C743438EFA 882081EA404BA7A3A9220CFF647D62BCDEOD8067A69F339A00408AOCF338E21B0608D276D2032C 07C74950764A54B078641BAF2C561EF1A2B65ADF5AECAFD861DA552380AC50A976933D63BC5DAB 9005A2EEA8D05D27A5DF2DCB036D2A864F87B9D23028EF8097DDD331E6COAB801405E3E9DAA285 FC090184B539B9645D126E3457D66D8DD752F2F16A89A6848391CB59E08F408A23CC7F374E3AOD ED2A85989B71EDFE61D18DF13C507364B29468243BAD2C6A47DECD73B99B9225E2436DDAB5D762 39EA9DAE2C686EC96B1C4457C46CA30F04FA9F179A377BA97689B81519226F28675B8A8B5211AA A19EB234792636F6951E70D511701F883780A6A8EFCED2166DAOD8714360F125C54C3479ADD029 95ADFD6F897F02892802124D2E7003C7061C41D7FC148B796AA7C0066D8593CAEF90D5DBAE3F98 7295BAC385ECB865732F62F277B788F4CBB872A95E20071B20038C4B38D25332761719E6D2EDB8 8B2FB6E16B02009300000000000000000000000823010000000B0100000AOA000000552D000100 4E000000150B000009250100000006000000630BOOOOOB300400000059000000690B0000005505 0000003COOOOOOC20BOOOOOB7B0200000028000000FEOB000000660200000002000000260COOOO 00610100000014000000280C00000055020001004E0000003COCOO000055010000004E0000008A OC000008770100000040000000D80C000008340100000014000000180D00000968010000004300 00002COD00000055070000004E0000006FOD00000802010000000F000000BDOD00000608010000 0022000000CCODOOOOOOOOOOOOOOOOOOOOOOOOCCODOOOOOOOOOOOOOOOOOOOOOOOOCCODOOOOOOOO OOOOOOOOOOOOOOOOCCODOOOOOOOOOOOOOOOOOOOOOOOOCCODOOOOOOOOOOOOOOOOOOOOOOOOCCODOO OOOOOOOOOOOOOOOOOOOOOOCCODOOOOOOOOOOOOOOOOOOOOOOOOCCOD000008050100000008000000 EEODOOOOOOOOOOOOOOOOOOOOOOOOEEODOOOOOOOOOOOOOOOOOOOOOOOOEEODOOOOOOOOOOOOOOOOOO OOOOOOEEODOOOOOOOOOOOOOOOOOOOOOOOOEEODOOOOOOOOOOOOOOOOOOOOOOOOEEODOOOOOOOOOOOO 000000000000EEODOOOOOB30010000004EOOOOOOF60DOOOOOOOOOO00000000000000F60DOOOOOO 000000000000000000F60DOOOOOOOOOOOOOOOOOOOOOOOOF60DOOOO00000000000000000000F60D 000000000000000000000000F60DOOOOOOOOOOOOOOOOOOOOOOOOF6ODOOOOOB3003000000750000 00440E000000000000000000000000440E0000081103000000C6000000B90EOOOOOOOOOOOOOOOO 00000000B90E00000942060000001D0000007FOF0000081101000000C60000009COF0000081101 000000C600000062100000081101000000C600000028110000081101000000C6000000EE110000 094101000000A9000000B412000000000000000000000000B412000000000000000000000000B4 12000000000000000000000000B41200000943010000001AOOOOOO5D1300000000000000000000 00005D130000000000~00000000000005D13000009440100000033000000771300000000000000 000000000077130000000000000000000000007713000000000000000000000000771300000000 000000000000000077130000000000000000000000007713000000000000000000000000771300 0000000000000000000000771300000941010000009DOOOOOOAA1300000944030000002BOOOOOO 471400000B30030000004B00000072140000000000000000000000007214000000000000000000 000000721400000000000000000000000072140000000000000000000000007214000000000000 000000000000721400000000000000000000000072140000000000000000000000007214000000 000000000000000000721400000000000000000000000072140000000000000000000000007214 000000000000000000000000721400000000000000000000000072140000000000000000000000 007214000000000000000000000000721400000000000000000000000072140000000000000000 000000007214000000000000000000000000721400000000000000000000000072140000000000 000000000000007214000000000000000000000000721400000000000000000000000072140000 000000000000000000007214000000000000000000000000721400000000000000000000000072 140000000000000000000000007214000000000000000000000000721400000000000000000000 Hex-Dumn Conversion PRESIDENT CLINTON'S PROPOSAL BENEFITS AMERICA'S YOUNG PEOPLE February 17, 1999 President Clinton Invests the Surplus for Tomorrow -- Reserving Nearly 90% of Projected Surpluses for the Future. Rather than consuming the surplus for today, President Clinton's proposal reserves nearly 90 percent of the projected budget surpluses -- almost $4 trillion -- over the next 15 years for the future to help America meet our long-term retirement challenge. President Clinton proposes to reserve 62 percent of the surpluses for Social Security, 15 percent for Medicare, and 12 percent for USA Accounts. President Clinton's proposal will pay down nearly $3 trillion of our national debt. As a result, the publicly held debt will be cut by more than two-thirds and, as a share of GDP, will fall from 44 percent today to 7.1 percent in 2014 - its lowest level since 1917. Why President Clinton's Plan To Save Social Security, Strengthen Medicare, and Pay Down The National Debt Is Good For Young Americans: President Clinton's Plan Ensures that Social Security Benefits Will Be There For Today's Young Americans. The President's proposal extends the life of the Trust Fund to 2055 and he is committed to working with Congress in a bipartisan way to further extend Social Security for 75 years. This will mean that a worker who is 20 years old today will be assured of a strong and stable benefit when he or she retires. In addition, the President's framework reserves 12 percent of the projected surpluses to create new Universal Savings Accounts (USAs) so that young people can begin saving and start building wealth to meet their future retirement needs. By Paying off the National Debt, President Clinton's Plan Lifts an Enormous Burden off Future Generations. During the 1980's and early 1990's, the federal debt quadrupled. As a share of GDP, the publicly held debt increased from 26 percent in 1981 to 50 percent in 1993. Instead of continuing with the failed policies of debt and deficit, President Clinton put in place a bold, new economic strategy to cut the deficit, lower interest rates and spur economic growth. Now, President Clinton proposes to cut the debt held by the public, as share of the economy, to 7.1 percent in 2014. As David Broder wrote in the Washington Post [217/99], this is "the greatest gift to our children." Here's why: o President Clinton's Strategy Will Help Grow The Economy For Our Children. President Clinton's framework will cut the federal debt, thereby raising national savings. Higher national savings will mean lower interest rates, higher private-sector investment, and thus, higher economic growth in the future. o President Clinton's Strategy Will Cut The Interest Payments Our Children Pay on the Federal Debt. When President Clinton took office, interest payments on the federal debt were projected to eat up 27 cents of every budget dollar in 2014. Today, interest payments on the debt take up about 13 cents of every tax dollar. Under President Clinton's proposal, interest payments would shrink to just 2 cents on every dollar by 2014. o President Clinton's Strategy Will Ensure That We Do Not Leave a Legacy of Debt to Our Children. President Clinton's proposal would cut the debt held by the public, as a share of the economy, to 7.1 percent in 2014. This would mean that instead ofleaving a mountain of debt for our children, we would completely eliminate the national debt by 2018. President Clinton's Proposal Ensures Social Security Will Continue to Help Young People Today. President Clinton's plan promises that Social Security will continue to provide both disability and survivor's insurance protection to workers and their families. For an average young family with two small children, Social Security provides benefits whi'ch are the equivalent to a payout of$300,000 from each a disability and survivor's insurance policy (or $600,000 in total). By strengthening Social Security, President Clinton's plan ensures that Social Security will continue to provide our parents and grandparents with a stable benefit - without which many would become dependent on their children for support. .'