Social Insecurity

With the upcoming baby boomer retirement, it should come as no surprise to anyone remotely familiar with politics that the so-called "3rd rail" looms ominously, with healthcare, as the major domestic issue of the coming century. Pretty soon it will be time for us policy wonk wannabees to bring ourselves up to speed with the harsh realities and factual difficulties that the coming years present, if successful reform is ever to take place. Who are the prescient ones out there doing D.Phil's on the issue now, I wonder? As an opening salvo into the debate - two articles. The first is a column by George F. Will written a few months ago that provides some (disastrous) statistics, and rightly chides candidates Kerry and Edwards for refusing to discuss or plan for this reality. But since Kerry is now left to rust in the dustbin of failed Presidential candidates (will he begin ranting a la Albert Gore?), the focus lies squarely on the Bush team plans. Back in March, Will offered this comment: "The Bush administration has a plan for coping with the facts, but no discernible plan for economies that will make possible paying the transition costs." Well fast-forward to article #2, the end of November - and the birthdays of both Alison MacDuff and Martha Farrell - and this piece in the New York Times: "Bush's Social Security Plan Is Said to Require Vast Borrowing." Read and learn, I suppose. My expertise in the field is weak at the moment, so I won't pretend to wax poetical on the subject - yet. Two thoughts for further debate on the Bush plan, however. (1) When will the reckless borrowing catch up to the 43rd President, and who will bear the brunt of this pain? (answer: probably not the top 1%) and (2) What happens to those people whose "private accounts" go bankrupt thanks to Enron-style collapses? Will there be protections in place, or will the government simply stand by and say "tough luck, oldtimer"? Truly an issue that is not going to go away, so let's see the parties and thinktanks start proposing solutions across the spectrum. And let the best ideas win.