Dems won’t let Bush privatize Social Security with private accounts carved out of the system, but let’s also not forget that Republicans won’t let Bush compromise by accepting add-on accounts.
Two prominent House conservatives sent President Bush a letter Friday warning him against advocating “add on” personal retirement accounts as part of a Social Security overhaul after an administration official suggested Bush might be open to a compromise.
Republican Policy Committee Chairman John Shadegg (R-Ariz.) and Republican Study Committee Chairman Mike Pence (R-Ind.) sent the letter after National Economic Council Director Al Hubbard told USA Today in an article last Friday that the administration would be “willing to discuss” add-on accounts as a reform option.
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“We strongly support your view that all reasonable proposals should be open for discussion,” the letter states. “However, add-on accounts do not solve the problem of solvency or generational fairness facing Social Security. We urge you to continue to pursue personal carve-out accounts as the long run solution for Social Security’s actuarial shortcomings.”
Shadegg and Pence were just getting the ball rolling. The Hill reported that a number of other House Republicans have plans to send the White House their own letters, letting the president know that add-on accounts are unacceptable.
There’s a reason this has been labeled the “third rail.”