Administration Sees 2003 Push for Social Security Reform

November 6, 2001

The Wall Street Journal reports that the Bush Administration remains committed to reforming Social Security but may postpone action until 2003. President Bush recently completed a series of meetings with top Administration officials and members of his Commission to Strengthen Social Security. Those meetings were designed to decide on what steps the Administration would take following the release of the Commission’s final report in December. That report is almost certain to call for allowing workers to privately invest a portion of their payroll taxes through individual accounts.

While some observers had originally thought that the President would push for a quick vote in 2002, most proponents of privatization had always suggested action would not be likely to occur until 2003. The terrorist attacks of September 11th now make it even more unlikely that Congress will take up Social Security reform next year.

However, the White House remains committed to going forward with reform. White House spokesman Ari Fleischer recently told reporters “The President certainly still believes that Congress needs to do this.”

It seems likely, therefore, that Social Security privatization and the Commission’s report will be an issue in 2002 congressional elections. Supporters of privatization expect to use the extra year to build upon public support for individual accounts.

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