Opposition Without Alternatives

October 24, 2002

Writing in the Rocky Mountain News, Vincent Carroll discusses Democrats' opposition to a private account option. In regards to Tom Strickland, Colorado Democratic Senate Candidate, Carroll writes, "If you can believe Strickland's TV ads, he is thunderstruck that anyone could call into question the wonderfulness of Social Security. It is heresy to do this, and Strickland is very much against those who refuse to worship before sacred cows."

Carroll goes on, "One of Strickland's ads, for example, runs a video of Sen. Wayne Allard observing that Social Security 'is a bad investment.' This is followed by an announcer proclaiming, in tones of disbelief, 'That's what Wayne Allard really said at a recent debate.' Notice the 'really.' Nice touch. In other words, can you believe this hopeless clod could say such a thing? Well, sure we can, because it happens to be true. And if someone wants to go to Congress, he might as well understand a few elementary facts of fiscal life regarding the largest social program in the land. He may choose to ignore the information - most members of Congress do - but at least he should suffer a pang of conscience when he does."

The lack of feasible alternative plans presented by those opposed to personal accounts appalls Carroll, "Of course, the reason that Strickland is hammering Allard over Social Security is the reeling stock market and the fact that Allard, like many reformers, wants to let workers invest a portion of their mandatory retirement contributions into self-directed accounts that they'd essentially own, but be permitted to access only upon retirement. The Strickland ad suggests Allard would force workers to invest in the stock market, but that's false, as the Strickland campaign well knows … and what is Strickland's plan for a Social Security system that is rapidly approaching the day when there won't be enough people paying into it to service those receiving benefits? He doesn't have one, except for glib pronouncements such as 'Social Security should be a guarantee not a gamble.'"

He continues, "As former Sens. Bob Kerrey, (D-NE), and Warren Rudman, (R-NH), pointed out recently in The Washington Post, the do-nothing plan itself guarantees slashed benefits or rocketing taxes… Reasonable people can oppose personal retirement accounts, but they ought to have something better to offer in return than sleazy election scare tactics."

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