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Railroad Retirement Bill Passes

December 13, 2001

Despite a courageous—if doomed—fight by Senators Don Nickles (R-OK) and Phil Gramm (R-TX), the Senate has passed legislation bailing out the Railroad Retirement System. The legislation would allow the Railroad Retirement Trust Fund to invest in private capital markets, but would still leave taxpayers liable for any losses suffered by the system. In response to opponents of government investment, the legislation had been amended to remove any vestiges of government control over the investment process. However, critics still pointed to enormous fiscal costs associated with the bail out.

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Nearly two-thirds of those under 30 years old don't think Social Security will be able to pay them any benefit when they stop working. Fifty-seven percent of people 30 to 49 years old agree.
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"And there are more ideas-driven initiatives to come, including the partial privatization of Social Security, an issue that would still be unthinkable were it not for the relentless agitation of places like the Heritage Foundation and the Cato Institute."

- The Economist
February 10, 2001