White House Still Selling Privatization of Social Security
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White House Still Selling Privatization of Social Security
By Leigh Strope
Nando Times | Associated Press
Wednesday, 17 July, 2002
The plunging stock market and recent corporate implosions won't stop the
White House from driving ahead with plans to overhaul Social Security to allow
personal investment accounts.
President Bush's views haven't changed, spokesman Ari Fleischer said
Wednesday.
"The president believes that is the right long-term policy," Fleischer said.
"He thinks it's good for young people if they want to pursue this on a voluntary
basis."
Bush wants to let younger workers invest a portion of their Social Security
payroll taxes in the stock market, and campaigned on the idea two years ago.
A White House panel late last year recommended three plans to consider.
But even Republicans are skittish about running on Bush's Social Security
plans this election year, and GOP strategists have warned rank-and-file
lawmakers that the issue poses a serious political threat. Control of the House
and Senate is at stake in November.
Democrats are eager to exploit Bush's Social Security plans when Enron
and WorldCom are on people's minds and the stock market is handing hefty
losses to retirement plans.
"The American people are watching their 401(k)s and retirement savings
vanish in the stock market," said Rep. Robert Matsui of California, the top
Democrat on the House Ways and Means Social Security Subcommittee. "The
last thing they should have to worry about is that their Social Security benefits
will follow suit."
But Fleischer said if the system isn't changed, younger workers paying
taxes will not get the money returned as benefits.
"The one certainty is demographics work against younger people in Social
Security," he said. As the large baby boom generation retires, fewer workers
will be paying into the system to fund the increased draw on benefits.
Asked if Bush would counsel young Americans about the risk of the stock
market, Fleischer said: "It's not the president's job to counsel people about
investment decisions. That's why this is a voluntary program under the
president's proposal for people to make those judgments themselves."
Next year is the earliest that legislation would be considered. Democrats
argue that Republicans seeking re-election have an obligation to talk about
Social Security because they potentially could be deciding its future.
"The president really should rethink his approach now that he has empirical
evidence showing that privatization is not a prudent policy," Matsui said. "But if
he remains committed to this misguided policy, he and his Republican
colleagues in the House have an obligation to bring these plans for a vote before
the election."
(In accordance with Title 17 U.S.C. Section 107, this material is distributed
without profit to those who have expressed a prior interest in receiving the
included information for research and educational purposes.)
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