February 28, 2005
COME BACK, PAUL, ALL IS FORGIVEN:
Accounts could help Americans retire rich (Kevin G. Hall, 2/27/05, Knight Ridder Newspapers
One new proposal emerging from the national debate on how to overhaul Social Security could make every American a millionaire at age 65.Paul O'Neill, President Bush's first treasury secretary and a former chief executive officer of aluminum giant Alcoa, proposes having the government stake every American baby at birth to an investment savings account. By the time the child retires, the account would contain $1 million or more. The idea is drawing attention from an unusual coalition of lawmakers from both parties, liberals as well as conservatives.
How delicious would be the irony if Mr. O'Neill, the only Cabinet member forced out of the Bush Administration, were to help him secure his greatest victory. Posted by Orrin Judd at February 28, 2005 6:49 AM
Can any one explain how is it that it took Paul O'Neill (of all people) to refute a growing Democratic act of faith that financial markets may not, can not, will not (depending on the frankness of the critic) produce positive returns on investment? It is mind boggling that blatant misrepresentations of the act of investment (Harry Reid, "playing roulette"); falsehoods about investment mechanics (Paul Krugman, "margin loans on steroids"); and a Luddite disregard for a century of financial market statistics could ever be allowed to gain the upper hand in this debate.
Posted by: Moe from NC at February 28, 2005 9:44 AMMaybe if Mr. O'Neill focused on this and his job instead of nukes and global warming, he would have held his job longer.
Posted by: Sandy P at February 28, 2005 10:47 AM