THE OPPORTUNIST:

Saving private savings (Cesar Conda and Eric V. Schlecht, March 11, 2004, UPI)

While most of Washington has focused on President George W. Bush's proposal to extend the expiring portions of his 2001 and 2003 tax cuts, a budget provision of similar value has gone largely unnoticed.

The proposal for three new kinds of savings accounts combines the equally important issues of tax reform and retirement security that, if enacted, will simplify and expand savings opportunities for all Americans.

The president's budget calls for the creation of Retirement Savings Accounts, Lifetime Savings Accounts and the consolidation of numerous employer-sponsored retirement instruments into simplified Employer Retirement Savings Accounts. Together, these programs would allow all Americans to save for their retirement, their children's education, medical expenses and other significant needs while increasing the national savings rate and expanding economic growth through an increased capital stock.

Because these accounts don't tax savings twice, they provide the added bonus of creating significant momentum for real tax reform.

The combination of a concerted effort at democratization abroad and privatization of the welfare system at home makes President Bush the most revolutionary, and has the potential to make him the most significant, president in our history.

Posted by Orrin Judd at March 12, 2004 8:13 AM