Pro-Privatization Candidate Wins Virginia Special Election
In a race with national implications, Republican State representative Randy
Forbes survived a massive media campaign attacking his support for
individual Social Security accounts to win a special election for Congress
from Virginia's 4th District. The election was held to fill the seat of
Representative Norman Sisisky, a Democrat who held the seat for nearly 20
years before his death in March.
Forbes supports proposals to allow younger workers to invest a portion of
their social security taxes in individual accounts, and Democrats poured
money into a series of television ads attacking his position. Among them
was the infamous "angina attack" ad that implied Social security
privatization would lead to heart attacks among seniors who wouldn't be able
to stand the stress of stock market fluctuations. Democratic strategists
were blunt about using this race as a test for anti-privatization tactics
they plan to use in the 2002 congressional elections.
But despite this concerted attack, Forbes emerged victorious. Moreover, he
did this in a District that was 40 percent African-American and where 50
percent of voters were over the age of 55. "[The outcome] shows that
senior citizens are not going to buy into false claims about social
security," Forbes noted.
Virginia's Fourth district is a swing district and considered something of a
national bellwether. George W. Bush carried it in 2000 by fewer than 500
votes, but Bill Clinton carried the district twice. The failure of
anti-privatization scare tactics in this race should embolden
pro-privatization candidates nationwide.
Polls consistently show that voters strongly support giving younger workers
the option to privately invest their Social security funds. A Zogby-Cato
poll, conducted early this year, found nearly 70 percent of voters
supporting privatization. However, despite the polls, politicians have been
slow to campaign on the issue. (A conspicuous exception was George W. Bush,
who also overcame a media blitz criticizing his privatization proposals).
The Forbes victory should be further proof that politicians can actively
support individual accounts--and win.
Michael Tanner
Director of Health and Welfare Studies
The Cato Institute
Washington
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