OH, THOSE BREEDERS:

Some worry Bush's plan could breed discontent (Larry Eichel, 5/22/05, Philadelphia Inquirer)

Ever since President Bush started talking about reforming Social Security, Democrats have accused him of wanting to destroy it.

At times, those attacks have had an almost hysterical quality to them, as if the very suggestion of change - to a system that needs some - should cause millions of Americans to recoil in horror.

But now that the White House has fleshed out its proposal to some degree, economists are taking a serious, analytical look at what the President wants.

And those of a more liberal orientation are saying that the result, regardless of the intent, would be to threaten the system's existence.

Not this year or next, mind you, but 50 years from now, when today's high school seniors start to retire.

How would it happen?

The economists say that the administration's plan combines voluntary private accounts with dwindling traditional benefits in a way that will make the traditional element look ever-worse to account holders, thereby breeding discontent.

At some point in the future, the argument goes, this discontent could undermine the whole idea of social insurance. In its current form, after all, Social Security does more than protect retirees; it covers the disabled, too, as well as families with young children who lose a parent.

The economists' numerical analysis, which is widely accepted, provides a thought-provoking look at how Social Security would evolve were Bush to get his way.

It's not Evolution--it's Intelligent Design.

Posted by Orrin Judd at May 22, 2005 7:42 PM