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Saturday, February 26, 2005

Article of the Week

This week's must-read article belongs to Richard W. Stevenson of The New York Times. In "For Bush, a Long Embrace of Social Security Plan" Steveson explains that the President's desire to privatize Social Security is nothing new. Here are the key grafs:

Mr. Bush had long been intrigued by the idea of allowing workers to put part of their Social Security taxes into stocks and bonds. One Tuesday in the summer of 1978, in the heat of his unsuccessful race for a House seat from West Texas, Mr. Bush went to Midland Country Club to give a campaign speech to local real estate agents and discussed the issue in terms not much different from those he uses now.

Social Security "will be bust in 10 years unless there are some changes," he said, according to an account published the next day in The Midland Reporter-Telegram. "The ideal solution would be for Social Security to be made sound and people given the chance to invest the money the way they feel."

Two decades later, Mr. Bush's desire to change Social Security intersected with the promotion of private accounts by well-financed interest groups and conservative research organizations, which viewed the concept as innovative if ideologically explosive. What was once a fringe proposal has been propelled to the forefront of the national agenda in one of the biggest gambles of Mr. Bush's political career, and in one of the most concerted challenges since the New Deal to liberal assumptions about the relationship of individuals, the government and the market.
This is the type of information you can get over at Josh Marshall's Talking Points Memo, but it's great to see it in the pages of The Times. Make sure to check it out to get an understanding of Bush's fascination with privatizing America's signature program.
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