“[F]or many investors Thatcher’s plan has fallen flat. Many investment funds charged huge commissions and fees, leaving contributors worse off than they would have been in the state system. The stock market collapse four years ago compounded their losses. Meanwhile, many private pension plans have gone bust, after companies drained those plans to pay off rising debts.” As England’s experience since Margaret Thatcher suggests, Dubya’s desired privatization of Social Security will likely cause more problems than it solves. (Somebody tell the nation’s business associations.)
Tag: George W. Bush
Fortunate Son?
“‘This is basically boomer rock ‘n’ roll and more recent music out of Nashville made for boomers. It’s safe, it’s reliable, it’s loving. What I mean to say is, it’s feel-good music. The Sex Pistols it’s not.’” Joe Levy of Rolling Stone and the NYT evaluates the content of Dubya’s iPod…no real surprises, as you might expect.
Rewriting Roosevelt.
“He who controls the present, controls the past. He who controls the past, controls the future.” Or is quoting Orwell too shrill? Well, you tell me — A coalition of women’s groups are blocked from holding a forum on Social Security at the FDR Library in Hyde Park because none of the attendees wanted to support Dubya’s ill-conceived privatization plan (Two Republican representatives were invited to speak — both declined.)
I’m just going to go out on a limb here and say that, despite the lies of Brit Hume and FOX News, ole FDR himself would probably have agreed that dismantling one of his most enduring achievements so that Dubya’s Wall Street cronies could pad their wallets is a lousy idea. (For what it’s worth, FDR’s grandson agrees.) At any rate, the new head of the National Archives, Allen Weinstein, is trying to mitigate the damage. And, well he should, for after all: “Weinstein has been on the job for six weeks. Several historical organizations opposed his selection, fearing he would politicize the archives. Bush removed the previous archivist without providing a reason to Congress.”
Wait ’til Next Year.
In a moment of clarity, House Speaker Dennis Hastert joins his GOP colleagues Frist and DeLay in declaring what now seems obvious, that Dubya’s Social Security privatization plan probably can’t pass this year. For their part, the White House immediately disagreed.
On Life Support.
Dubya’s ailing Social Security PSAs take another hit, with even conservative intellectuals starting to turn against Dubya’s plan in print. Yep, seems like a goner.
Puppets of Industry.
“Fortune 500 companies that invested millions of dollars in electing Republicans are emerging as the earliest beneficiaries of a government controlled by President Bush and the largest GOP House and Senate majority in a half century…Bush and his congressional allies are looking to pass legal protections for drug companies, doctors, gun manufacturers and asbestos makers, as well as tax breaks for all companies and energy-related assistance sought by the oil and gas industry.” In the stating the obvious department, the Washington Post discovers the Republicans are in the thrall of corporate power.
A Public Funeral for Private Accounts.
“George W. Bush’s plan to remake the Social Security system is kaput. This is not a value judgment. It’s a statement of political fact.” While Dubya, Cheney, and McCain (carrying water for the administration as usual) continue their respective privatization dog-and-pony shows, Slate‘s Jacob Weisberg puts PSAs in the fridge.
Spin, Spin Sugar.
It’s been Extreme Makeover time lately for the GOP, with Antonin Scalia acting chummy in hopes of landing the Chief Justice spot, Boss DeLay dismissing the recent allegations of incessant boondogglery, Karen Hughes coming out of mothballs to sell the Islamic world on Dubya, and the administration trying to sell the rest of us on pre-packaged news. I’m not buying any of it.
ANWR, my lord, is ready to fall.
The old world will burn in the fires of industry…At Dubya’s behest and through a “backdoor maneuver,” Republicans on the Senate Budget Committee pave the way anew for oil drilling in the Arctic National Wildlife Refuge (namely, by forbidding Democratic filibusters on the issue.) Give ’em credit, I guess…the GOP’s pro-industry stooges seem to be pushing forward on every lousy idea of theirs that failed during Dubya’s first term. Well, at least “Clear Skies” went down and the Dubya tax cuts are being rethought.
Bait and Switch?
“We’ve now got this huge fight over a sideshow,” Graham said during a meeting with Washington Post reporters and editors. “It’s always been a sideshow, but we sold it as the main event.” To the White House’s consternation, Senator Lindsey Graham (R-SC) argues for sidelining Dubya’s private accounts in favor of a Social Security compromise. Well, let’s make sure they’re well off the table before we talk.