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Wednesday, February 23, 2005

Clinton Wanted Social Security Privatized

CATO Institute
By Michael Tanner

According to three former top administration officials, President Clinton was strongly considering the partial privatization of Social Security prior to his impeachment in 1999. The revelation was contained in a paper delivered by David Wilcox, an assistant treasury secretary, Douglas Elmendorf, a deputy assistant treasury secretary, and Jeffrey Liebman, an aide with the National Economic Council, at a Harvard University conference last month.

According to these officials, the Clinton administration spent nearly 18 months secretly studying issues surrounding individual accounts and concluded that:

Individual accounts were administratively feasible and would likely cost $20-30 per year per account to administer. However, to hold down costs, individual investment choices would have to be limited until accounts accumulated some level of minimum balance, perhaps $5,000.

Market risks were not a sufficient reason to oppose individual accounts. Administration analysts found that long-term investment was, in reality, relatively safe. The administration also noted that the current Social Security system contains political risks that may well be worse than market risks.

Concerns over redistribution could be addressed through the adjustment of benefit formulas, matching contributions or other means.

Full article here.


So much for this being a partisan issue...both Clinton and FDR supported private accounts. I'll give you 50 bucks for every liberal you hear mention either of these facts in a debate about social security reform. You won't find one.


 
conservativerebel.blogspot.com: Clinton Wanted Social Security Privatized <body>

conservativerebel.blogspot.com

Wednesday, February 23, 2005

Clinton Wanted Social Security Privatized

CATO Institute
By Michael Tanner

According to three former top administration officials, President Clinton was strongly considering the partial privatization of Social Security prior to his impeachment in 1999. The revelation was contained in a paper delivered by David Wilcox, an assistant treasury secretary, Douglas Elmendorf, a deputy assistant treasury secretary, and Jeffrey Liebman, an aide with the National Economic Council, at a Harvard University conference last month.

According to these officials, the Clinton administration spent nearly 18 months secretly studying issues surrounding individual accounts and concluded that:

Individual accounts were administratively feasible and would likely cost $20-30 per year per account to administer. However, to hold down costs, individual investment choices would have to be limited until accounts accumulated some level of minimum balance, perhaps $5,000.

Market risks were not a sufficient reason to oppose individual accounts. Administration analysts found that long-term investment was, in reality, relatively safe. The administration also noted that the current Social Security system contains political risks that may well be worse than market risks.

Concerns over redistribution could be addressed through the adjustment of benefit formulas, matching contributions or other means.

Full article here.


So much for this being a partisan issue...both Clinton and FDR supported private accounts. I'll give you 50 bucks for every liberal you hear mention either of these facts in a debate about social security reform. You won't find one.