The Bush administration’s idea for “saving” Social Security looks to be dead in the water. If they got their way one-third of the payroll tax that funds benefits for retirees would be diverted into individual investment accounts for workers. Thankfully, all but one Democratic senator and several moderate Republican senators are in opposition to this neocon absurdity. Even U.S. Representative Jim McCrery, chairman of the House Ways and Means subcommittee, told the press recently that Bush probably needs to forget about cutting out some payroll taxes for investment accounts.
There are those in the present administration that actually think there should be no guaranteed Social Security, that citizens should not rely on any government program to help care for their financial needs when they retire. They also think the stock market will take care of their money. Tell that one to the thousands of stockholders who lost their shorts a few years ago amid dot com failures and corporate scandals!
As someone recently wrote in an editorial letter, the administration should be told many workers already have individual retirement accounts called IRAs. The president and his associates know if this plan is passed, it will certainly help their friends in the securities industry.
Bush and his backers appear determined to try to bulldoze their plan through Congress this year. House and Senate members need to stand firm in their opposition to this desperate idea. The administration’s current budget proposal is in enough trouble as it is, with numerous cuts to education and other important programs in the plan. As we all know, the unprovoked war in Iraq and the tax cuts for the wealthy are the two biggest reasons for the unprecedented deficit we are now experiencing. Social Security is alive and well, and will continue to be strong for years to come.

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