Biggs Responds to Gephardt's Discrediting Personal Retirement Accounts

May 2, 2002

Jo Mannies of the St. Loius Post Dispatch writes in "Gephardt Blasts Bush's Idea of Partly Privatizing Social Security," House Minority Leader Richard Gephardt has come out full force against President Bush and his administration. Specifically, the Gephardt continues to discredit Bush's plans to reform the flailing Social Security system. He reverts to the "scare old people" strategy which makes the current retirees believe that their benefits will be cut.

Andrew Biggs responds to the Mannies article and to Gephardt's attacks on Social Security reform:

To the Editor:

"Rep. Richard A. Gephardt attacks Social Security reforms incorporating voluntary personal accounts as "crazy, dumb", saying "It means you'll have to cut benefits for today's elderly." Neither charge is true. Dozens of countries around the world have already moved to personal accounts, including the U.K. and Australia, and almost two-thirds of Americans under 65 told a March 2002 poll commissioned by the non-partisan National Public Radio that they would switch to personal accounts if given the choice. Furthermore, the Social Security proposals put forward by the Bush administration's bipartisan reform commission were certified by Social Security's own actuaries to make no changes whatsoever for any American aged 55 and over. Charges of cuts for today's retirees are nothing but election-year trickery, and provably false. (Those desiring information on the Bush commission's proposals can find all they need at www.csss.gov.)"

"Moreover, the Commission's majority plan would not just save Social Security for the traditional 75-year period, but make it healthy permanently. Rep. Gephardt has refused to say what he would do to save Social Security. Until he puts a detailed plan on the table, we can only assume he favors the status quo. The trouble is, the status quo allows Social Security to go broke."

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