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Bush Aide: Social Security Accounts May be Finished

Chuck Blahous, the former Social Security adviser to George W. Bush, told me in an interview that Bush’s signature initiative to establish personal investment accounts with Social Security taxes may no longer be possible.

Opposition to the accounts, as you may remember, became the rallying cry for Democrats as they scuttled Bush’s 2005 attempt to reform Social Security. But many Republicans, including Blahous, think the issue was a red herring and believe Democrats would have opposed Bush whether the accounts were part of the initiative or not.

The interview with Blahous was conducted as part of a piece I did for The Daily Caller, published today, on Blahous and new book he has written.

Blahous’s book, Social Security: The Unfinished Work, has a lot of interesting information on the program, its history, and various proposals for reforming it. And Blahous of course details his prescriptions for fixing Social Security’s financial shortfall without raising taxes.

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3 Responses to Bush Aide: Social Security Accounts May be Finished

  1. SocialSecurity is a personal issue with me, I rely on my benefit payment every month for my living expenses. I couldn’t work, even if I wanted to do so (unless some doofus wanted to pay me to snark or give my personal opinion on, well, anything).
    While the money amount hasn’t changed, my buying power has been reduced by the actions of Congress and by the Treasury. It looks like it’s going to get a lot worse sooner than later.
    Pegging my benefit to the StockMarket would have been a disaster. It might have been a grand idea when our economy was perking along, not so much now. The only sensible investment now seems to be commodity futures and hard metals; every other investment is as reliable as betting on Red at the roulette table in Vegas.
    Me and my fellow old fogeys will be OK. It won’t be easy, but we’ll survive.
    We are worried about our children’s future and what old age will mean to them.
    At the least, MrBush had an idea to make SocialSecurity workable. The only solution the current Pols seem to have is raising the age limit, hoping that most future recipients will die before they’re eligible to collect.

      • I care, too–SS is basically all I have at the moment, since the freelance writing business imploded and people want to pay a hundredth of what they used to pay. A hundredth! Pretty crappy. I recent all the flak we take for finally getting SS–I worked 43 yrs before collecting. No break in service. We still pay taxes on it–more FICA…if we make enough.