No Fear Regarding Private Social Security

by Andrew Biggs

Andrew Biggs is a Social Security analyst at the Cato Institute.

In regard to "A Change in Priorities May Leave Social Security Reform Off Agenda," Politics & Policy, Jan. 15 :

Rep. Clay Shaw (R., Fla.) says, "Social Security is the reason [the presidential election] was real close in Florida." The evidence does not bear this out. Nationally, 57% of voters favored the Bush personal-accounts plan, more than voted for Gov. Bush himself. Among seniors, Mr. Bush outperformed 1996 GOP nominee Sen. Bob Dole by four percentage points. In Florida, Bush won seniors with 52% of the vote, vs. 38% for Sen. Dole in 1996.

Rep. Shaw is correct, however, that Social Security "had a lot to do with the closeness of my race." Mr. Shaw's own reform legislation is milder even than the Bush plan, but Rep. Shaw's defensiveness -- extending to not even mentioning the bill on his campaign Web site -- may have raised doubts among voters. American voters clearly have lost their fear of Social Security privatization. America's politicians, following Gov. Bush's lead, should lose theirs.

Andrew G. Biggs
Social Security Analyst
The Cato Institute
Washington

This letter originally appeared on January 25, 2001 on The Wall Street Journal website.