Abstract

Retirement Security Fight

The article focuses on the Social Security reform policies proposed by U.S. President George W. Bush. With the State of the Union behind us, the Battle for Social Security now officially begins--again. The President's cynical distortions are fully engaged--"crisis" and "bankruptcy" having replaced "weapons of mass destruction" in his fearmongering rhetoric. Bush's cruelest distortion lies in forcing the political system to confront the wrong problem. The crisis is not Social Security. It is retirement security in general--Medicare most obviously, but also the medley of employee pension plans shrinking in value and the collapsed private savings of American households. Social Security is the only income for one-fifth of retirees, and it is the principal source of income for two out of three retired Americans. When the other pillars of retirement security are weakening, it is especially irresponsible to tamper with it. Restoring a stable system of retirement security (assuming Social Security survives the Republican assault) is a gigantic challenge that requires a much stronger role for the federal government. Social Security is that practical ideal. We do not think Americans are ready to give up on it.