Bush Social Security Plan DefeatWednesday, October 5, 2005
He said it – not me! In the wake of Hurricane Katrina, ongoing American casualties in Iraq, and vicious attacks from the “Far Right” for his most recent pick of Harriet Miers for the Supreme Court, it appears that the President is giving up on his Social Security privatization plan. For those of us who have been arguing all along that it was ill-conceived and unaffordable, this is welcome news.
In reality, the President had no choice. The fact is that given his “Roosevelt-like” promise to rebuild the South (and fix poverty along the way!) after Katrina, he simply cannot afford the “Social Security 401k plan” he envisioned. The short term costs of Social Security privatization about equal the mind numbing costs of Katrina. The conservatives in his own party are giving him a rough time on the cost of the Katrina promise – and they simply would not stand for additional debt that the Social Security plan would add to our children’s dimming financial future. We are seeing the nicer and kinder George W. – and the Far Right is apoplectic!
This does not mean that the President isn’t moving full speed ahead with his reform of the Social Security Disability process. The most recent proposals, while helpful to Social Security Disability claimants in some respects, have many flaws which can be disastrous for a disabled client. Thankfully, the new rules are not yet final and you can share your comments here with the Commissioner of Social Security. Look here for a sample critique of the new rules. While we may have dodged a bullet with Social Security privatization, the disabled might pay the price