JUST WHEN YOU THOUGHT IT WAS SAFE….Like the creature that won’t die no matter how many bullets you put through its heart, Social Security privatization is back for an encore in President Bush’s 2007 budget proposal. Allan Sloan has the dirt. The proposal itself, such as it is, is on p. 286 here, and the cost estimate is on p. 321 here. As usual, details are magnificently nonexistent.
My guess is that this is a nothingburger, just a way for Bush to demonstrate that he’s not backing down on anything ? no how, no way. Still, you have to love the chip-on-a-shoulder rhetoric:
By adopting progressive indexing and allowing young workers to create voluntary personal retirement accounts within the Social Security system, the President?s recommendations would provide future seniors with real money instead of the current system?s empty promises.
That’s our boy. The full faith and credit of the United States government is just an “empty promise.” It’s sort of like listening to an angry five-year-old, isn’t it?
My prediction: this proposal won’t even die a sad death. It will just be ignored.