You have to give it to the Republicans. They aren’t really the Party of No, they are the Party of Old Ideas. Just one year after the spectacular failure of conservative governance, the GOP is ready to recycle its worst ideas:
In the name of deficit reduction, House Republicans are going back to the Social Security well, offering budget proposals similar to those President George W. Bush proposed after his 2004 re-election that would privatize Social Security accounts and reduce cost of living adjustments.
Rep. Jeb Hensarling (R-TX) appeared on Hardball tonight and advocated balancing the budget by privatizing Social Security and cutting benefits for those now under 55.
Because the stock market always goes up! I don’t see what could possible go wrong. Hensarling is not the only Republican who can’t wait to raid Social Security. Wisconsin’s Paul Ryan is ready to jump on board too:
At the same time, Rep. Paul Ryan (R-WI) has been getting a lot of attention (including shout-outs of a sort from OMB Director Peter Orszag) for his proposed budget plan. But Ryan’s plan too harkens back to earlier Bush proposals, with a call for private accounts:
As these personal accounts continue to accumulate wealth, they will eventually replace the funding that comes through the government’s pay-as-you-go system. This will reduce the demand on government spending, lead to a larger overall benefit for retired workers, and restore solvency to the Social Security Program.
Ryan’s plan also suggests reducing Social Security’s cost of living adjustments, which are currently based on wage growth, by linking them to the consumer price index instead. Ryan’s privatization plan would be phased in beginning with workers 55 and under.
All people under 55 should just go screw themselves, I guess.