I missed Dubya’s press conference last night — I taught my two last sections of the term, then headed for an arts fundraising shindig downtown (where I picked up a celebrity sighting in Chiwetel Ejiofor) — but, frankly, it doesn’t sound like I missed much. “With two in three Americans disapproving of the way Bush has handled Social Security, many political observers thought it would be prudent for Bush to cut his losses and negotiate a bipartisan compromise on Social Security…Instead, Bush held a prime-time news conference and doubled down on his bet.” Dubya tries to regain the Social Security initiative by declaring he’ll cut benefits for everyone but the poor. Privatization and lower benefits? Hey, what a deal!
Category: Political Economy
Moderate Chance of Snowe.
“Social Security became the bedrock of support for seniors in my state precisely because it’s defined and guaranteed,”[Sen. Olympia Snowe (R-ME)] said. ‘What cost and what risk is it worth to erode the guaranteed benefit?’” With both Sens. Snowe and Craig Thomas (R-WY) voicing their doubts on the GOP side, Day 1 of the Senate Finance Committee’s discussion of Dubya’s Social Security plan seems to indicate serious trouble ahead for Dubya’s privatization scheme.
Birds of a Feather.
“Bush is supporting DeLay as ‘strongly as he ever has, which is strongly,’ McClellan said.” While trying once again to salvage his Social Security privatization plan (which even Republicans on the Senate Finance Commitee are now shying away from), Dubya struts beside Boss DeLay for all the world to see. Well, Mr. President, if he’s really the type of fellow you want us to associate with your administration…
Morally Bankrupt, pt. II.
Even as the fundies rattle the leash, the House moves to placate the GOP’s real masters by approving the corporate-friendly bankruptcy bill 302-126. “Its passage by Congress is a victory for executives in the credit card, retail and auto financing industries who have pushed it for nearly a decade.” But, not to worry, y’all — the base is protected: The bill “preserve[s] loopholes that enable wealthy individuals who file for bankruptcy to shield unlimited amounts of money in complex trusts and in multimillion-dollar homes in states including Texas and Florida.”
Ain’t Gonna Work on Maggie’s Farm No More.
“[F]or many investors Thatcher’s plan has fallen flat. Many investment funds charged huge commissions and fees, leaving contributors worse off than they would have been in the state system. The stock market collapse four years ago compounded their losses. Meanwhile, many private pension plans have gone bust, after companies drained those plans to pay off rising debts.” As England’s experience since Margaret Thatcher suggests, Dubya’s desired privatization of Social Security will likely cause more problems than it solves. (Somebody tell the nation’s business associations.)
Rewriting Roosevelt.
“He who controls the present, controls the past. He who controls the past, controls the future.” Or is quoting Orwell too shrill? Well, you tell me — A coalition of women’s groups are blocked from holding a forum on Social Security at the FDR Library in Hyde Park because none of the attendees wanted to support Dubya’s ill-conceived privatization plan (Two Republican representatives were invited to speak — both declined.)
I’m just going to go out on a limb here and say that, despite the lies of Brit Hume and FOX News, ole FDR himself would probably have agreed that dismantling one of his most enduring achievements so that Dubya’s Wall Street cronies could pad their wallets is a lousy idea. (For what it’s worth, FDR’s grandson agrees.) At any rate, the new head of the National Archives, Allen Weinstein, is trying to mitigate the damage. And, well he should, for after all: “Weinstein has been on the job for six weeks. Several historical organizations opposed his selection, fearing he would politicize the archives. Bush removed the previous archivist without providing a reason to Congress.”
Everything in Moderation?
Christie Todd Whitman may refuse to name names, but Episcopal minister and former GOP Senator John Danforth got the general point across last Wednesday in the NYT: “By a series of recent initiatives, Republicans have transformed our party into the political arm of conservative Christians.” It’s gotten to the point where even Rick Santorum feels he may have to modulate his right-wing schtick in order to get re-elected in 2006.
A tip for Santorum: Being a moderate these days means occasionally taking tough stands against your own party, as Senator Lindsey Graham (R-SC) is proving with his compromise Social Security plan. “Graham’s plan would raise Social Security taxes for high-income earners, and reduce their eventual retirement benefits.” So, naturally, “the free-market group Club for Growth, meanwhile, is running TV ads in South Carolina attacking Graham for proposing tax increases.”
Wait ’til Next Year.
In a moment of clarity, House Speaker Dennis Hastert joins his GOP colleagues Frist and DeLay in declaring what now seems obvious, that Dubya’s Social Security privatization plan probably can’t pass this year. For their part, the White House immediately disagreed.
On Life Support.
Dubya’s ailing Social Security PSAs take another hit, with even conservative intellectuals starting to turn against Dubya’s plan in print. Yep, seems like a goner.
Puppets of Industry.
“Fortune 500 companies that invested millions of dollars in electing Republicans are emerging as the earliest beneficiaries of a government controlled by President Bush and the largest GOP House and Senate majority in a half century…Bush and his congressional allies are looking to pass legal protections for drug companies, doctors, gun manufacturers and asbestos makers, as well as tax breaks for all companies and energy-related assistance sought by the oil and gas industry.” In the stating the obvious department, the Washington Post discovers the Republicans are in the thrall of corporate power.