Private Retirement Accounts
As recently as 2005-2006 the subject of private savings or retirement accounts was discussed:
WASHINGTON, March 3 – President Bush dismissed the notion Thursday that his campaign to create private accounts in Social Security was in serious trouble, asserting he was still “at the early stages of the process.”
Vowing to push ahead and acknowledging that “I’ve got a lot more work to do,” Mr. Bush said he was open to ideas from both parties and tried again to allay the fears widespread in his own party that Social Security was “the third rail of politics.”
And just as then president Bush was pushing for the creation of these private funds – democrats were voicing their objection:
They said they would work with Mr. Bush on Social Security only if he would “publicly and unambiguously announce” that he rejected his proposal for private investment accounts financed by payroll tax revenues.
“Such a statement would eliminate a serious obstacle to the kind of bipartisan process that Democrats are seeking to deal with Social Security’s long-term challenges,” Democrats said in a letter that was circulated for senators’ signatures Thursday night and quickly acquired 42.
So – might we have a way forward?