MacGuineas: Better Use for Taxes
September 19, 2002
Maya MacGuineas of the New America Foundation argues in The Los Angeles Times (registration required) that, "if Congress were to hold off implementing the rest of the Bush tax cut, it would free more than enough money to start building individual accounts for younger workers."
"As gloomy as the current budget projections are, they pale in comparison with the deficits that will emerge when baby boomers retire. Yet the question of how to reform Social Security has created a divide even larger than the one produced by the debate over cutting taxes versus government spending. Republicans want to set up individual investment accounts but ignore the fact that the loss of budget surpluses makes funding the accounts next to impossible. Democrats have been content to attack Republican plans and provide no alternatives, though doing nothing is not an option." "Enter the compromise. Diverting the balance of the Bush tax cuts into personal retirement accounts would not only resolve the dispute on short-term budget priorities, it would also contribute a solution to the retirement issue."
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