Posted on 04/29/2005 10:35:32 PM PDT by CHARLITE
The intellectual force behind President Bush's plan to overhaul Social Security, the man the president calls his favorite "Democrat economist," is not an economist. He is Robert C. Pozen, a lawyer and mutual fund executive who serves as chairman of MFS Investment Management in Boston.
A registered Democrat, Mr. Pozen donated money to the presidential campaign of Senator John Kerry last year and voted for him on Nov. 2. He was a classmate of Hillary Rodham Clinton at Yale Law School.
But all that has not stopped President Bush from embracing Mr. Pozen's main idea to bring the nation's public pension regime into financial balance: a plan called "progressive indexing" because it would protect the lowest-wage workers from benefit reductions while progressively cutting benefits of higher-earning workers.
Mr. Pozen, who served on Mr. Bush's commission in 2001 that developed initial plans for carving private accounts out of Social Security, has been thrust into the spotlight by Mr. Bush's embrace of his proposal. But Mr. Pozen says his ideas on public pensions are free of politics.
"I consider myself a middle-of-the-road guy who tries to be carefully nonpartisan on this issue," he said. "I believe passionately in Social Security reform."
Opponents of the White House plan say that while Mr. Pozen's ideas may sound progressive, they are far from the Democratic mainstream.
(Excerpt) Read more at nytimes.com ...
Man, they are STILL calling it a cut in benefits, when it's really less of an increase. The proposal will tie the increase to inflation instead of wages, for higher earners.
First thought - Bush had better watch his back. Never trust a lucifer leftie.
What I don't like about Bush's Social Security plan is the "poor" money accumulating faster than everyone else's. He's giving them freebies, but making everyone else work for their "equal share." He needs to correct that, and treat all Americans equally. There's no reason why someone working part time should get as much as someone working full time when they retire, or someone who sweeps floors getting the same as an engineer.
I don't care for that "share the wealth" crap. I believe in the "earning your wealth" logic. I don't approve of the Bush plan while this part stands. If he gets rid of the Socialist part, I'll agree to it.
Don't worry, the guy runs a mutual fund. The SS overhall will be great for him. Money before politics.
Those who don't make as much as everyone else get welfare SS. They'll get the same amount, but don't have to do anything for it. They actually get rewarded for doing nothing! Our entitlements go down, and there's goes up!
You correctly point out that current system is already progressively indexed in that benefits decrease precipitously as a percentage of the total lifetime contribution for higher income individuals. The whole point of privatization is two allow people to keep what they earn!
Bush has these two concepts muddled.
One of the reasons why I checked out and no longer work. Fukc the government. $341,000 in SS, and I won't see a dime for another seven years. If I'd invested that in mutual funds, it'd be over several MILLION; and the money would be mine to spend as I please, and be able to pass any remainders to my children.
Oh for God's sake. The Slimes just has to make an insult in the first sentence...truly a mark of the old media.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.