Sunday, April 03, 2005

Alpo Accounts: Bush Social Security phase-out not playing well in Waco 

An enterprising LA Times reporter went to Waco, and interviewed Inerrant Boy's neighbors to find out what they thought about His Social Security phase-out plan:

If President Bush's Social Security initiative is going to ring bells anywhere, it ought to be a hit with the Better Investment Group of Waco, which meets once a month at Uncle Dan's Rib House to discuss earnings growth over barbecue and beans.

The group, which calls itself the BIG club, is dedicated to the proposition that individual investors can and should profit handsomely from putting some of their savings into the stock market.

Of eight club members contacted last weekend, two expressed unqualified support for the president's personal account proposal.

The rest were opposed or uncertain ....

"Depending on how many people are attending that night and who they are, it'll be adopted," he said.

Club president Labens, a Waco City Council member and retired appliance store owner, said he could not support Bush's personal account proposal as long as the president refused to spell out the specifics, something the White House has preferred to leave to Congress.

"If I came to you and said, 'We're going to make you a millionaire, but we're not going to tell you how it's going to work,' how much credibility would I have?" Labens asked.
(via LA Times)

Frankly, I've never understood Bush's reasoning on this whole thing. If people want to play the stock market, they already can. They can play "ownership society" all they want. What's that got to do with a social insurance program like Social Security.

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