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4.25.00 4.24.00 4.20.00 4.19.00 4.18.00 4.17.00 4.13.00 4.11.00 4.10.00 4.07.00 4.06.00 4.05.00 4.04.00 4.03.00
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| 4/25/00
5:30 p.m. Bush's Social Security Gamble Another issue W. won't dodge. By NR's Ramesh Ponnuru & John J. Miller |
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Lawrence Kudlow has written on the website that Bush also needs to draw a connection between Social Security reform and tax cuts. Gore is arguing that Bush's tax cuts threaten the program. Bush should respond that tax cuts will increase economic growth, thus pushing back the day of reckoning. He should also explain that reform of Social Security, by freeing up capital, offers benefits for the economy as well as for individuals. Reform should be put in the context of the transition from a paycheck economy to a wealth economy. Any proposal to let individuals invest Social Security funds will have to take account of the recent turmoil in the markets. Gore surrogates will doubtless say that that turmoil shows the riskiness of private investment. Bush should pre-empt the attack. The fact that the new investors have not panicked have instead, by and large, seen market declines as buying opportunities shows that the public's financial sophistication is growing and that individuals can be trusted to manage their money. The last month, in other words, is an argument for privatization, not against it. Once Bush gives this speech, by the way, can his critics please knock it off with the line that he dodges all the issues?
Zoo Logic
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