Grams Running Hard on Social Security

July 12, 2000

The Minneapolis Star Tribune reported recently on Social Security as the "third rail of politics," saying that while "George W. Bush has decided to step on it ... Rod Grams has grabbed it with both hands." While all the Democratic Farmer-Labor Party candidates vying to battle Minnesota Republican Senator Rod Grams staunchly oppose any form of personal investment as part of Social Security, Grams proposes letting workers invest 10 percentage points out of the 12.4 percent total Social Security payroll tax in personal retirement accounts.

The Grams proposal is particularly courageous, given that Minnesota is still considered a relatively liberal state. How the issue will influence the election is difficult to determine, says University of Minnesota political scientist Larry Jacobs. "Republicans think the issue helps them with younger voters; Democrats think it helps them with seniors."

On July 6, José Piñera, creator of Chile's system of personal retirement accounts and co-director of Cato's Project on Social Security Privatization, appeared at a town hall meeting on Social Security reform in Minneapolis sponsored by Sen. Grams.

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