Campaign watch: Socialist Security
The Patriot Post
Lately, Democrats have taken to showcasing the hallmark courage overflowing their party’s ranks. For instance, Senator Clinton has boldly unveiled her plan to fix the looming train wreck that is Social Security—namely, to dodge unveiling a plan to fix Social Security. Who knew? One-upping this bawdy exhibition of true grit, Senator Obama, presented his own daring strategy. His plan? “Tax the rich!” Brilliant! Of course, by “rich” he means you, through raising the payroll tax cap to get at even more of your income. How “innovative.” An added bonus: deepening the eventual crisis by reducing tax receipts, but that’s a story for another day. Looks like this is shaping up to be yet another election cycle where Democrats show up with knives to an intellectual gunfight.
In contrast, wielding a belt-fed minigun at that gunfight is former Senator Fred Thompson, whose multifaceted plan to overhaul Social Security leaves intact benefits for those currently nearing retirement (age 57 and older), while indexing benefits to inflation for younger workers. These workers would also have the opportunity to contribute up to two percent of their monthly wages into a government-matched personal retirement account (similar to a 401k plan). The idea is to give American workers at least some measure of personal control over an otherwise socialized retirement system. As for displays of courage, since Thompson is the first contender offering a detailed game plan to fix Social Security, he gets our nod for actual bravery.
Lately, Democrats have taken to showcasing the hallmark courage overflowing their party’s ranks. For instance, Senator Clinton has boldly unveiled her plan to fix the looming train wreck that is Social Security—namely, to dodge unveiling a plan to fix Social Security. Who knew? One-upping this bawdy exhibition of true grit, Senator Obama, presented his own daring strategy. His plan? “Tax the rich!” Brilliant! Of course, by “rich” he means you, through raising the payroll tax cap to get at even more of your income. How “innovative.” An added bonus: deepening the eventual crisis by reducing tax receipts, but that’s a story for another day. Looks like this is shaping up to be yet another election cycle where Democrats show up with knives to an intellectual gunfight.
In contrast, wielding a belt-fed minigun at that gunfight is former Senator Fred Thompson, whose multifaceted plan to overhaul Social Security leaves intact benefits for those currently nearing retirement (age 57 and older), while indexing benefits to inflation for younger workers. These workers would also have the opportunity to contribute up to two percent of their monthly wages into a government-matched personal retirement account (similar to a 401k plan). The idea is to give American workers at least some measure of personal control over an otherwise socialized retirement system. As for displays of courage, since Thompson is the first contender offering a detailed game plan to fix Social Security, he gets our nod for actual bravery.
posted by Andy W. Rogers | 2:17 PM
2 Comments:
They Said It: Thompson Social Security Plan Applauded as ‘Courageous,’ ‘Honest,’ and ‘Substantive’
Courage & Honesty
Republican presidential contender Fred Thompson’s plan to save Social Security and protect seniors, which he introduced Friday afternoon in a Washington, D.C., hotel, differs starkly from standard election year pablum on the subject in one key way: He’s actually treating voters like adults. (ABC, 11/9)
Thompson...is seeking to show he is willing to take on tough issues if elected in November 2008, telling a news conference in Washington he was the only candidate to offer an extensive Social Security plan. (Reuters, 11/10)
“You certainly have to admire his courage for putting this out,” said Alan Viard with the American Enterprise Institute. (Tennessean, 11/10)
Supporters contend that Thompson’s willingness to take on the so-called third rail of politics will impress voters. (Bloomberg, 11/10)
Conservative economic experts applauded Thompson for offering specifics on an issue considered to be politically dangerous. (Tennessean, 11/10)
“He’s not afraid to be brutally honest with the American people about the challenges that lie ahead,” said Representative Zach Wamp, a Tennessee Republican who is working to recruit supporters for Thompson. “People can tell the difference between a strong leader telling the truth and a weak leader talking politics.” (Bloomberg, 11/10)
Substance
[Thompson is] the first candidate of either party to offer a detailed proposal to fix the nation’s retirement system. (WP, 11/10)
The Republican candidate laid out a detailed, four-page proposal (WSJ, 11/10)
Mr. Thompson’s plan...was more specific than what the Bush White House put on the table when it sought to overhaul the system. It also varied substantially from the traditional conservative approach of focusing primarily on personal investment accounts. (NYT, 11/10)
Economist Jason Furman said Thompson deserves credit for offering a detailed plan to address the projected Social Security shortfall...(Bloomberg, 11/10)
In discussing policy, Thompson was in his element. (Politico, 11/9)
He’d prefer to talk about substance. (Politico, 11/9)
Thompson’s plan draws on ideas favored by conservatives: a reduction in benefits, rather than an increase in payroll taxes; and a shift toward private accounts, rather than government-provided payments. (WP, 11/10)
Rivals
[Thompson] ventured Friday into an area few rivals have tread: advocacy of a fundamental overhaul of Social Security. (WSJ, 11/10)
Although all of the presidential candidates have spoken, when asked, about the need to fix the Social Security system, none has offered such a detailed plan nor talked so eagerly and often about the issue. (WSJ, 11/10)
Among Republicans, former New York mayor Rudolph W. Giuliani, Arizona Sen. John McCain and former Massachusetts governor Mitt Romney have talked in general terms ... but none has offered a specific plan. (WP, 11/10)
Mr. Thompson is the only one of the Republicans running for the White House who has made Social Security a central theme of his campaign. (NYT, 11/10)
He is the only presidential candidate so far to make Social Security an anchor of his campaign. (WSJ, 11/10)
But with less than two months before the 2008 voting begins, candidates have generally been reluctant to confront the Social Security issue. (WP, 11/10)
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Saving and Protecting Social Security
A Plan to Ensure Retirement Security for All Americans
http://www.fred08.com/virtual/socialsecurity.aspx
Oh yeah, there's some real courage. Further entrench this socialist program by smearing a little lipstick on the pig. Yep, let's further entrench the entitlement mentality and the bureaucracy by pretending the government is running a 401K for us. Way to go Fred-o.
The government doesn't have any more business being in the retirement fund business than it does being in the health care business. The current state of Social Security is the inevitable one. The problem isn't with the program or how it's implemented. The problem is that it is a bad idea.
The only solution to the Social Security "problem" is to eliminate it and quit stealing 15% of my wages to support people who are too stupid or lazy to plan for their own retirement.
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