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Thursday, April 28, 2005

Special Late Night Edition

It could wait until morning, but after the President's press conference I wanted to do a brain dump before it was all gone. So first Bush comes out with gas prices. Eh, who cares; you'll know this has become a real issue when minimum wage workers stop buying pickup trucks and V6 sports cars, until then don't worry about it.

Thankfully, topic B was Social Security, a topic that we should actually care about. The big news was a plan for dealing with the solvency issue. The president proposed a means test for future benefits; in layman's terms, the more you earn in the private sector, the less you get from the public.

OK yes, it is income redistribution, and yes, it's unfair, but let's look at the alternatives. We could raise taxes on the rich, that's a popular one with the Dems. Or we could cut benefits across the board, as if the Dems didn't have enough ammunition already to defeat reform. Bush's proposal simply makes the best of a crappy situation.

Despite that I'm still not 100% sold on the idea, but the fact that personal accounts have been "nailed to the table", I'm willing to go along. Given time, personal accounts will transform this system, and down the road we won't have to talk about cutting benefits or raising taxes.

The press is going to be all over this tomorrow, and intend to sift through it and bring you the good, the bad, and the ugly. Stay Tuned...

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