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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (103790)3/9/2005 11:46:10 AM
From: LindyBill  Read Replies (1) of 793900
 
Dirty Pool

By Kudlow Money Politic$

Here’s my take on a recent development in the fight for social security reform.
Sometimes it’s possible to take politics too far. A healthy battleground of ideas is terrific. Let the best side win. But now we learn that the AFL-CIO and a number of other union pension funds have threatened to withdraw their pension assets from reputable money managers if those managers support President Bush’s personal savings accounts.

This isn’t debate. It’s dirty pool. It’s also hypocritical. Why? Because the union managers have invested their members’ assets in the stock and bond market for years. Both private and public managers have done this. Why shouldn’t the rest of us have a chance to invest our social security taxes – which for most middle income folks is their biggest savings source – in the very same private markets that unions use? Or that congressional and White House staff use with the thrift savings plan?

Now, however, Waddell and Reed and Edward D. Jones have been forced to pull out of a coalition supporting Bush’s private accounts. This is because of union pressure. Charles Schwab and Wachovia are also apparently targeted, according to yesterday’s Washington Post.

Unions are playing politics. Dirty politics. That’s all. They’re not contributing to the national debate. They are being hypocrites. And they are penalizing some of the very same money managers who are providing a comfortable retirement for the union members.

This is an outrage.
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