Monday, January 17, 2005

Talking Points Memo on Social Security (and cheap grace)
Josh Marshall is doing a wonderful job on the Social Security issue (and the cheap grace note too). We must show backbone here and now on Social Security. It has been an important part of our social fabric for decades, it is a model of efficiency, it is vital to some of the most vulnerable of our country, and Republicans seem to hate it blindly. It is not conservative to change anything that has worked this well for so many people in order to get higher returns. And hey, that's the only valid argument Bush has at his disposal. It's true that returns using the stock market would be higher, but they are also significantly riskier. Portfolio planners (not that I know any or have a portfolio myself) always seem to preach diversity and that as you near retirement move toward less risk. Bush's plan would dramatically increase risk at precisely the time when baby-boomers are retiring.
Please also see this column from my local pundit, John Brummett.