“[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: Social Insecurity
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.”
Everything in Moderation?
Christie Todd Whitman may refuse to name names, but Episcopal minister and former GOP Senator John Danforth got the general point across last Wednesday in the NYT: “By a series of recent initiatives, Republicans have transformed our party into the political arm of conservative Christians.” It’s gotten to the point where even Rick Santorum feels he may have to modulate his right-wing schtick in order to get re-elected in 2006.
A tip for Santorum: Being a moderate these days means occasionally taking tough stands against your own party, as Senator Lindsey Graham (R-SC) is proving with his compromise Social Security plan. “Graham’s plan would raise Social Security taxes for high-income earners, and reduce their eventual retirement benefits.” So, naturally, “the free-market group Club for Growth, meanwhile, is running TV ads in South Carolina attacking Graham for proposing tax increases.”
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.
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.
A Line in the Sand.
While the GOP may have bent the rules to facilitate passage of the ANWR drilling bill (set for a vote today), it appears they face a Senate shutdown by the Dems if they keep pressing on Dubya’s wacko judicial appointees. And why not? Dubya has revealed he’s not going to relent on Social Security PSAs, despite their unpopularity, and he continues to appoint controversial right-wing neocons like Paul Wolfowitz to top positions (in this case, the World Bank.) If Dubya and the Right don’t want to compromise, then we Dems shouldn’t play ball. It’s 1993 all over again. (That being said, it’s probably wise of Reid to keep legislation “supporting our troops” out of the boycott…FOX News would have a field day with that one.) Update: By a 51-49 vote, the Senate opens ANWR to drilling, with Dems Daniel Akaka, (D-HI), Daniel Inouye (D-HI), and Mary Landrieu (D-LA) putting the GOP over the top.
Update 2: Slate‘s Fred Kaplan has more on the Wolfowitz pick.
Update 3: Conservative George Will warns against GOP tampering with the filibuster rule.
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.
Open War.
With the Social Security fight looming on the horizon, Dems and the GOP clash over ethics in the House and both abortion and the minimum wage in the Senate. (Salon‘s Tim Grieve exposed the fraudulence of the Santorum “alternative” minimum wage plan yesterday.) Speaking of Social Security, several prominent Dems — including James Carville, Stan Greenberg, and Harold Ickes — advise our side to produce an alternative reform plan to Dubya’s private accounts, and soon.
Say it ain’t so, Joe.
“Some lawmakers and senior party aides say that Mr. Lieberman remains in good standing. But they say that could change if he broke ranks and gave Mr. Bush a prominent Democratic ally on Social Security.” As feared and as usual, Senator Joe Lieberman seems to be the weak link in Democratic unity against the Dubya Social Security plan (although, to his credit, he has at least renounced private savings accounts.) Remember, Joe, once you start down the dark path, forever will it dominate your destiny. Just look what happened to the Zell-out.