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March 14, 2005

The Second Phase of the Debate

The air war over personal retirement accounts has entered its second phase. The first phase was characterized by a prolonged – and often tortured – debate about whether or not the Social Security system is in a crisis. Pro-reform forces can be said to have won that round, though you wouldn't know it from recent news stories. Upwards of 71% of all Americans describe Social Security as either in a crisis or facing major problems, according to a recent CNN/USA Today/Gallup poll. Regardless of one's support for personal retirement accounts, a mandate exists to fix Social Security. The "do nothing" crowd holds an indefensible position. Pro-reform forces must now shift strategies and begin to make clear that to oppose reform is to endorse the worst available plan: the current system. Americans are not stupid. They understand Social Security as presently constructed is in trouble. The politicians in Washington who refuse to fix it need to be singled out for supporting a system that will result in 27% cuts in benefits for future retirees, a 50% increase in the payroll tax or worse, a little of both. Moreover, it is time for advocates of the status quo to start having to defend the current Social Security system, which offers Americans no ownership of their retirement savings, no opportunity to build wealth and no hope to pass that wealth on to their children and grandchildren. President Bush and the forces of reform have handled the debate with kid gloves thus far. It is time for the gloves to come off. Boldly declaring "there is no crisis" and obstructing efforts toward reform will result in more suffering for future retirees, not less. It is time for pro-reform interested parties to turn the heat up in this monumentally important debate.

Posted by Andrew Roth at March 14, 2005 11:12 AM | Print

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