Just a little background.
We’ve heard from a few of our spies who’ve been in private meetings that Sen. Evan Bayh (D) or Indiana has been holding around the country to get set to run for president in a few years. And the Senator is telling these folks that he doesn’t think there’s a Social Security ‘crisis’ and that he’d only support private accounts as an add-on to Social Security, not as carve outs — in other words, he says he has the consensus Democratic position.
But apparently, he’s very much of the opinion that he shouldn’t state his position publicly until President Bush announces a specific proposal.
Of course, if recent experience is any guide, that will probably happen shortly after the bill comes out of conference and about three hours before both houses get convened to vote on it in the middle of the night. After all, anything else would amount to the president being reduced to negotiating with himself.
In any case, here’s the stand Sen. Bayh takes on private accounts in letters to constituents …
Vigorous debate continues to take place over proposals to create personal retirement accounts, also referred to as “privatizing” Social Security. Proponents of personal retirement accounts suggest that allowing individuals to invest a portion of their payroll taxes in the stock market would result in greater returns on the money, providing an increased financial yield for retirement. However, opponents of personal retirement accounts believe that subjecting Social Security to the risks of the stock market could lead to reduced benefits for many recipients. In addition, they raise the question of how the transition to a system of personal accounts could be financed given the reemergence of budget deficits. Finally, they note that individuals may not make wise investment decisions, as their timing for acquiring and selling the investments may be poor.
Get the lead outta that prose and put it to music that could almost be a Schoolhouse Rock, couldn’t it?
He continues …
As a member of the Special Committee on Aging, I have been carefully evaluating the various proposals for long term Social Security reform. I believe that all aspects of reform must be reviewed to ensure that the long-term viability of the Social Security system is restored. Please be assured that I will keep your views in mind as I continue to work with both sides of the aisle to formulate a long term solution to ensure that Social Security is able to meet its long term commitments to retirees and future generations.
I’d say he’s in the Faction, wouldn’t you?
