More on Social Security Plans
May. 11th, 2005 07:27 amThe Personal 'Lockbox'
How to break the logjam on Social Security reform.
By John Fund
Monday, May 9, 2005 12:01 a.m. EDT
Many supporters of Social Security reform are already declaring it a lost cause. Columnist Charles Krauthammer says the idea "isn't dead, but it's pretty sick." Fred Barnes of The Weekly Standard says President Bush needs an "exit strategy" because "it's hard to see how a reform measure can pass." Bill Kristol, editor of the Standard, says that if the White House is "willing to unwind the Social Security proposal and accept defeat sometime this year, it won't do them any damage" in next year's elections.
All of this gloom is premature. There are ways for Mr. Bush to turn the political tables on his opponents. He made a start by endorsing the progressive indexing of Social Security benefits, which would ensure the bottom 30% of wage earners would all get benefits that lift them above the poverty line. He could combine that with a bold move to protect the $2.2 trillion in Social Security surpluses flowing into the system over the next nine years from being "raided" by a spendthrift Congress.
( Read more... )
How to break the logjam on Social Security reform.
By John Fund
Monday, May 9, 2005 12:01 a.m. EDT
Many supporters of Social Security reform are already declaring it a lost cause. Columnist Charles Krauthammer says the idea "isn't dead, but it's pretty sick." Fred Barnes of The Weekly Standard says President Bush needs an "exit strategy" because "it's hard to see how a reform measure can pass." Bill Kristol, editor of the Standard, says that if the White House is "willing to unwind the Social Security proposal and accept defeat sometime this year, it won't do them any damage" in next year's elections.
All of this gloom is premature. There are ways for Mr. Bush to turn the political tables on his opponents. He made a start by endorsing the progressive indexing of Social Security benefits, which would ensure the bottom 30% of wage earners would all get benefits that lift them above the poverty line. He could combine that with a bold move to protect the $2.2 trillion in Social Security surpluses flowing into the system over the next nine years from being "raided" by a spendthrift Congress.
( Read more... )