Teacher's Ramblings

A potpourri of education, politics, family matters, and current events.

Wednesday, November 10, 2004

Spend That Political Capital

The President can't 'save' his political capital, anything can happen to make it evaporate. Bush is coming out swinging, which should give Iran/NK pause:

WASHINGTON - Fresh from re-election, President Bush is dusting off an ambitious proposal to overhaul Social Security, a controversial idea that had been shelved because of politics and the administration's focus on tax cuts and terrorism.

Bush envisions a framework that would partially privatize Social Security with personal investment accounts, similar to 401(k) plans, that would be voluntary for younger workers.

A starting point is a plan proposed by a presidential commission in 2001 to divert 2 percent of workers' payroll taxes into private accounts. The remaining 4.2 percent — and the payroll taxes employers pay — would go into the system, helping fund benefits for current retirees. That leaves an estimated shortfall of about $2 trillion to continue funding benefits for current retirees.

Bush said his commission, headed by the late Democratic Sen. Patrick Moynihan of New York, provided "a good blueprint." The commission had been asked to propose a plan for establishing personal investment accounts.
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