Bush's Social Security Reform Meets Brick Wall: Andrew Ferguson

[papau]

http://quote.bloomberg.com/apps/news?pid=10000039&refer=columnist_ferguson&sid=a6TF3AH..wBE


Bush's Social Security Reform Meets Brick Wall: Andrew Ferguson
March 15 (Bloomberg) -- For as long as students of political cliche can remember, the U.S. Social Security system has been called the ``third rail of American politics.'' Like the steel beam that brings current to subway trains, if you touch it, you die -- or at least end up with blackened fingers and a ridiculous perm.

We now know the cliche is false, thanks to President George W. Bush.

``I've touched the third rail,'' the president has said often, and with an air of self-congratulation, since proposing to reform Social Security with individual investment accounts.

And sure enough, when the president boldly stretched out his hand and dared to seize the issue, political observers covered their eyes and ears in horror and -- nothing happened.

And I do mean nothing. Not only has the president not suffered any political damage from his reform attempt, but the very possibility of reform seems as remote as it ever did. <snip>

Indeed, Bush's plan may very well flood the securities markets with investment money that is strictly regulated, placing vast chunks of those markets under Washington's control.

This is hardly the way to strike a blow at the welfare state, as Bush's Republican allies are slowly realizing. Together with a wily Democratic opposition and a wary public, they form an excellent brick wall -- or whatever metaphor you care to use.



To contact the writer of this column:
Andrew Ferguson in Washington at [e-mail].

To contact the editor responsible for this column:
Bill Ahearn at [e-mail].

[The_Casual_Observer]

1. " Not only has the president not suffered any political damage"

Oh, thats right, he is more popular than ever right now! What bullshit!
chimp has utterly failed to foist this off on the public and he is paying the price. Nobody believes his bullshit anymore.

[Demeter]

2. Then why has the news been SO QUIET for the past 2 weeks?

Why has Karen Hughes been dragged kicking and screaming out of retirement? Why was Ebbers convicted, and "terrorists" set free, and Greenspan making public apologies?

Bush HAS been damaged. His support from GOP legislators has been shown to be a mile wide and a millimeter thick. They are franitcally trying to paper it over, but the truth will out, well before 2006, and the Ship of State will begin to right itself.

The worm has turned.

Be afraid, George, be very afraid. But you are already, aren't you? Can't face the American people without armor, guns and loyalty oath. They don't have such amenities in the Hague.

[KoKo]

3. What a great read. And, love his linking "Private Accounts/Govt. Controll

with the "Welfare Society" Repugs are always running off at the mouth about. A great way to turn the damned Repugs Spin back on their greedy selves...:D

[Selatius]

4. Bush hit the brick wall on SS, but he isn't any less popular than before

He's been hovering in the upper 40s with bounces due to what happens in Iraq for a good while even before SS reform became the issue. He touched "the third rail," and he isn't less dead than he is now.

[th2techdude]

5. That may very well change though........

The solution that's being proposed is quite illogical indeed.