Thursday, February 03, 2005

The other Social Security shoe

Here we go. From today's LA Times:

In a significant shift in his rationale for [privatized] accounts, Bush dropped his claim that they would help solve Social Security's fiscal problems — a link he sometimes made during last year's presidential campaign. Instead, he said the individual accounts were desirable because they would be "a better deal," providing workers what he said would be a higher rate of return and "greater security in retirement."

So, apparently, all that stuff about SS being "bankrupt" and too few workers paying in for the number of retirees was just a red herring.

I think what we're seeing here is the beginning of an attempt to reframe perceptions of Social Security from a insurance policy that would protect you you from living out your retirement in poverty to an investment account. Part of that whole "ownership society" nonsense.

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