Thursday - June 23, 2005
House Coughs Up Social Security Plan
Congress yesterday finally came up with a plan to fix Social Security but President Bush may not like it. In fact, in my opinion, there’s not a whole about it to like at all but at least the CongressCritters are finally getting off their collective buttocks and trying to come up with something, albeit something that sucks as badly as this proposal ....
After watching the Social Security debate from the sidelines, House Republican leaders yesterday embraced a new approach to Social Security restructuring that would add individual investment accounts to the program, but on a much smaller scale than the Bush administration favors.
The new accounts would be financed by the Social Security surplus—the amount of payroll tax revenue not needed to pay current benefits. That money is now used to fund other government activities and is expected to run out after 2016 as the baby-boom generation retires.
By contrast, President Bush’s proposed accounts would divert payroll taxes used to fund existing Social Security benefits, which would force the government to borrow to prevent cuts in retirees’ monthly checks. Once fully phased in, the Bush plan would allow workers to sock away $3,600 a year in today’s dollars. Even in its peak year, the new plan could limit average account contributions to as little as $588.
Still, Republicans hope the new proposal will shift the debate away from future benefit cuts, as Bush envisions, to ending what they call the “raid” on the current Social Security surplus. But the plan, unlike Bush’s, would do nothing to remedy the New Deal-era program’s long-term fiscal problems.
An aide to House Speaker J. Dennis Hastert (R-Ill.) called the bill “a great start,” and House Majority Whip Roy Blunt (R-Mo.) called it “an excellent first step.” Aides said leadership will gauge reaction over the July 4 break.
Posted by The Skipper
on 06/23/2005 at 09:46 AM
Filed Under: • Social-Security •
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