Fredipedia: The Definitive Fred Thompson Reference
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Posted on 11/10/2007 4:58:18 PM PST by jdm
People have questioned Fred Thompson's campaigning style since his formal entry into the presidential race two months ago, but few will question his courage after his latest policy pronouncement. Thompson continues his campaign of ideas by unveiling a comprehensive Social Security reform plan that relies heavily on private accounts and recalculation of benefits. As the Washington Post notes, Thompson becomes the first candidate to offer a detailed plan to rescue Social Security from oncoming collapse:
Republican presidential candidate Fred Thompson yesterday proposed slowing the growth of Social Security benefits and creating voluntary, government-matched savings accounts, becoming the first candidate of either party to offer a detailed proposal to fix the nation's retirement system.
Thompson's plan draws on ideas favored by conservatives: a reduction in benefits, rather than an increase in payroll taxes; and a shift toward private accounts, rather than government-provided payments. As a result, the proposal drew immediate criticism from liberals, who said it would severely reduce Social Security benefits, especially for low-income older Americans who rely most heavily upon them once they reach retirement.
Under Thompson's plan, Americans would be offered the option of contributing an extra 2 percent of their salaries to a retirement savings account. As with many corporate 401(k) plans, the government would contribute $2.50 for every dollar that an individual saved, up to a maximum of $12,000 per year.
To pay for the savings accounts and to help keep Social Security solvent, Thompson would change the way benefits are calculated. Over the next 50 years, benefits would grow much more slowly under Thompson's proposal than in the current system.
No one can accuse Thompson of ducking the tough issues. In fact, Thompson's bold move on Social Security might put pressure on the rest of the field to start formulating their own detailed solutions. On the other hand, most of them will probably recall the beating George Bush took after he won re-election for offering a mix of privatization and benefit recalculation. They may let Fred run with this issue for a while first to see whether he survives the storm it brings.
Thompson has already generated some heavy winds from liberals. Barack Obama has already called it a broken promise to America's seniors. Without offering any specifics, Obama insisted that higher taxes on higher-income Americans would "shore up Social Security for generations to come." That more or less echoes what other Democrats have offered thus far; in fact, that's about all any of them have said about Social Security in the entire race. The Brookings Instution, a center-left think tank that has pushed for some type of entitlement reform, objects to both price indexing to scale benefits and private savings accounts, insisting that people will simply not save money on their own -- the 25-year flood of IRAs and 401Ks to the contrary.
Without specific counterproposals, this may wind up like 2005 all over again, with Democrats insisting that Social Security needs no fixing at all. Thompson sounds like a man prepared to do battle on that front, saying "It is unsustainable as presently constituted, and everybody knows it." Everyone knows it, but few are prepared to take political risks to reverse the coming debacle. At least Thompson has a plan. For those who wonder why Thompson's candidacy matters, this may be the moment of enlightenment.
ping.
not only is he unknown, now he’s doomed.
This coming from a supporter of POS pro-abortionist Rudy.
thanks, bfl
Well, no, not exactly a supporter but hey, I guess all's fair, and that includes putting words in people's mouths.
But omitted is the constant theme of my posts about the people who are supposed to beat hillary...who are they? People the world didn't know last year?
Ain't gonna happen, chief.
You mean Obama of course because Fred is stepping to the top. He’s running as a conservative and reforming Social Security is mother’s milk to consevatives.
I like this guy more and more.
Be patient...Fred will start his slow steady rise in the polls as more and more people learn about his plans and that the other have no plans.
I'll grant you that.
Still a nobody.
This is a good proposal. This is sound thinking.
Fredipedia: The Definitive Fred Thompson Reference
WARNING: If you wish to join, be aware that this ping list is EXTREMELY active.
So the Feds get a bigger chunk of my paycheck? That is bold.
So was billy boy in 92. Fred just needs to get the GOP nod then he will get the needed fame. The beast will make mincemeat out of Rudy, Fred will make mincemeat out of the beast. Its that simple. Fred is not only the best candidate but is our best chance at defeating the Countess of Cackle.
Fred Thompson will be there and so will we.
Neither was Reagan. - Oh, wait a minute ...
But the wife of an impeached ex president, now there’s somebody. Sheez, give it a rest, will you?
Rudy was nobody to anyone outside of NYC, until he became the ex politician that was the first person to ever lose to Hillary.
That's because George Bush is a remarkably poor communicator who can barely string together a coherent sentence. Get somebody who knows how to effectively communicate to the public and it may be a different matter entirely.
There are Freepers that support Rudy?
There must be a lot of slow or just plain dumb people if they don’t know about Fred at this stage.
He’s winning me back!
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