Social Security - OMB Watch

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Thomas Pushes for Social Security Tax Cuts 05/31/2005
The House Ways and Means Committee made Social Security the focus of its work over the past two weeks, holding a number of hearings and announcing the intention to write legislation this summer. Rep. James McCrery (R-LA), chairman of the Subcommittee on Social Security, stated House lawmakers will be ready to write Social Security legislation by July 1. However, this legislation could very well include a number of deleterious tax cuts -- masked as savings incentives -- that would primarily benefit the wealthy, not fix the problem of Social Security solvency, and would further add to the nation's budget deficits. Read More

Despite Public Disdain, Private Accounts Will Not Die 05/02/2005
The issue of Social Security reform is gathering steam once again as President Bush wraps up his "60-cities-in-60-days" tour to sell his privatization plan to the public. Although the latest polls show more Americans oppose the president's proposal than ever, recent congressional hearings continue to keep the plan on life support. Read More

Bush Pushes Private Accounts as Public Support Drops 03/21/2005
President Bush has recently increased his efforts to sell the American public on his plan to privatize Social Security despite continuing evidence that more and more Americans are rejecting his proposals. Yet even while launching a “60 cities in 60 days” tour, the president and other administration officials have been carefully maneuvering to allow whatever reform is adopted to be seen as a victory for the administration. Read More

Social Security Debate Takes Dramatic Shift 03/07/2005
In a dramatic shift in how the administration has approached overhauling Social Security, Treasury Secretary John Snow stated March 2 the administration is open to considering proposals that would create government-subsidized personal savings accounts outside the existing Social Security system or through means other than a diversion of funds from an individuals’ payroll tax. This announcement comes amid speculation that the president’s plan for Social Security reform may be less attainable than he and GOP congressional leaders would like to admit. Read More

‘Slow Down’ Is the Bipartisan Buzz for Social Security 02/22/2005
As President Bush continues his efforts to raise anxiety across the country about the Social Security program, more and more members of Congress, both Democrat and Republican, are starting to speak uniformly on the need for patience in working towards a solution. Even House Speaker Dennis Hastert (R-IL) and Federal Reserve Board Chairman Alan Greenspan urged caution and called for further debate in approaching Social Security reform this past week. Read More

Bush Makes Social Security Centerpiece of State of the Union 02/07/2005
When President Bush addressed Congress and the nation on the evening of Feb. 2, he devoted much of his address to his proposed changes to Social Security, yet declined to provide the American people with details regarding exactly which reforms he plans to pursue. Many believe this strategy is to avoid what President Clinton faced when he tried to reform health care a decade ago. Clinton had submitted a heavily detailed proposal to members of Congress, who were then able to pick it apart and subsequently defeat it. Bush’s deliberate vagueness allows him to sell his plan to the nation conceptually, while leaving us to guess what the true consequences of his reforms might be. Read More

Social Security Will Impact More Than Just Seniors 01/24/2005
One of the most gaping holes in the debate on Social Security reform is the lack of discussion about Social Security as a life and disability insurance program. The program insures much more than just the elderly in retirement; fully one-third of payments go to non-retirees. These benefits – to around 17 million Americans – insure workers and their families from slipping into poverty when a worker becomes disabled or dies. Read More

Will Bush's Social Security Reform Plan Succeed? 01/24/2005
President Bush has been clear that Social Security reform is a top priority in his second term. Even though he has not announced a plan, he expressed his desire to allow people the option of creating private – or in Bush language, personal – investment accounts. Given the necessity of benefits cuts as well as heavy transition costs years into the future, several high-ranking Republicans have begun expressing doubts about the president’s plan. Moreover, many are beginning to question whether Social Security really has a “crisis” as Bush claims. Read More

Social Security Reform Comes Front and Center 01/10/2005
The debate on Social Security continues to rage, with scores of new articles, reports, and speeches generated every week. Analysts, economists, politicians and a wide range of others on all points of the spectrum have been holding briefings, discussions, and forums addressing how and when to reform the Social Security investment program. Read More

Opposition Seen on Second Term Tax, Social Security Goals 11/15/2004
With the election two weeks behind us, attention has shifted to what this administration plans to do in its second term. President Bush has specifically cited two major objectives: to make his tax cuts permanent, and to make significant changes in both the federal tax code and Social Security. Read More

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