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April 5, 2005

Personal Accounts Must Be Part Of Reform

Karl Rove came out with some wonderful, reassuring comments about Social Security yesterday. From Bloomberg:

Private accounts must be part of any permanent Social Security fix, said Karl Rove, President George W. Bush's deputy chief of staff, expressing optimism Congress will end a partisan standoff and pass such a measure this year. "The personal retirement account has to be part of the long- term solution," Rove, Bush's chief political and policy adviser, said in an interview in Washington yesterday. ... "We've already got add-ons; they're called IRAs and 401(k)s," Rove said. "What we face is, we need to do something for the working man who's living from paycheck to paycheck and doesn't have extra money to put aside for retirement. That's the person for whom a personal retirement account is most important and most vital." ... "The last time we addressed Social Security in a substantive way was 1983," he said. "If personal accounts had been part of the solution in 1983, think about it, the market since 1983 is up 800 percent. Imagine how much more secure people's retirements would be if starting in 1983 they'd been able to put money aside as the market grew, as it does over time, dramatically."

Posted by Andrew Roth at April 5, 2005 9:01 AM | Print

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