Wednesday, June 22, 2005

Private Accounts

Robert Bennett, Senator from Utah, was on Squawk Box this morning touting his "compromise" on Social Security that will not include private accounts. As he explained his plan - the idea would include Pozen indexing - which would introduce equity based indexing (more for people with lower incomes) and longevity based indexing (life expectancy at retirement would be taken into account for benefits) into the system without raising the retirement age. Neither change is a bad one. But the longer term effects of private accounts on both the size and scope of government and on the personal empowerment for individual citizens should not be lost. It looks like some members of the GOP have shown a lack of intestinal fortitude - if the Dems just hold their breath long enough - things like private accounts will just go away. The GOP should change its name - what is "grand" about a party that is not willing to fight hard enough on basic principles?

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