"The Bush/DeLay Social Security Privatization Plan."
That's what their Social Security proposal ought to be called. Majority Leader Tom DeLay had been backing away from taking this on a few weeks ago. Now it appears he thinks, based on polling, that they should move ahead. Okay, let's go.
From the Washington Times:
But House Majority Leader Tom DeLay, Texas Republican, said Democrats have foolishly staked out their opposition to Social Security reform before they even know what Republicans are going to propose.
"Our polls already show that people realize there is a problem — something the Democrats don't quite get — and they want a solution," Mr. DeLay said.
It's not foolish, regardless of party identification, to oppose the wrong solution that will make a future problem worse. Moreover, DeLay is wrong: the plan does has some specifics. And lots of analysts say the Bush/DeLay Privatization Plan results in a reduction in guaranteed Social Security benefits, puts the future benefits at the whim of the stock market, and gives tremendous rewards to one of the largest sources of cash for political campaigns, Wall Street. Like the Medicare bill's boondoggle contracts for HMOs and insurance companies, if the Bush/DeLay Privatization Plan is adopted, politically-connected Wall Street firms (i.e., those that gave millions in campaign contributions) will get the contracts to provide and administer private accounts, and then reap billions in transaction fees.
UPDATE: A reader just sent me a link to this September 22, 2004 Washington Post article, which starts out with the payback in cold hard figures:
President Bush's push to create individual investment accounts in the Social Security system would hand financial services firms a windfall totaling $940 billion over 75 years, according to a University of Chicago study to be released today.