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Cheney's Record Shows Willingness to Take Hard Steps on Social Security

August 1, 2000

On Tuesday Texas Governor George W. Bush chose former Defense Secretary and Congressman Dick Cheney as his running mate for the 2000 presidential election. While Cheney's experience has focused on defense and foreign policy, during his time in the House of Representatives he showed a willingness to confront difficult decisions regarding Social Security. For instance, Cheney supported the Reagan administration's unpopular proposal to limit cost of living increase in 1981, when the Social Security system was on the brink of insolvency. In addition, insiders note that in private discussions Cheney has expressed support for Social Security reform based upon personal retirement accounts.

At the same time, the Washington rumor mill has brought the name of retiring Sen. Bob Kerrey (D-NE) into the mix as a possible running mate fore Vice President Al Gore. Kerrey's strong support of personal accounts as part of Social Security could prove difficult to reconcile with Gore's opposition to Gov. Bush's plan, which resembles Kerrey's proposal in outline

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  A medium income worker born after 1965 can expect a rate-of-return of less than 2% on his or her Social Security taxes.
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