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GOP EMBOLDENED ON SOCIAL SECURITY Gains in Senate Have Republicans Pressing for Action Next Year Review-Journal Wire Services, 12-05-02, P. 10A WASHINGTON - Victorious Republicans who campaigned for Social Security reform vowed on Wednesday to push aggressively for congressional action next year to allow workers to invest a portion of their Social Security taxes in stocks and bonds. Sen. Don Nickles, R-Okla., incoming chairman of the Senate Budget Committee, said Wednesday that Congress should look at the government's vast array of benefit programs, which include Social Security, Medicare and Medicaid, in its hunt for budget savings. Slowing the growth of the huge benefit programs could bolster them for the looming retirement of the baby boom generation and help bring resurgent federal deficits under control, Nickles, R-Okla., said in an interview. "Maybe in the past, Congress has been reluctant to wrestle with some biggest challenges. So we allow entitlements to grow automatically, without being cognizant of the fact that, 'Hey, this has some long-term obligations,'" he said. "I just think everything should be on the table in looking at how you handle these problems," added Nickles, who provided no specifics. The programs, known as entitlements because they are paid automatically to people who qualify, consume more than half the $2.1 trillion federal budget. That proportion is expected to grow steadily, a worry for budget analysts because millions of baby boomers will start retiring later this decade and burden those programs even more. Nickles' comments underlined what is expected to be his tightfisted approach to federal spending, perhaps even for programs like Social Security and Medicare, which have long been considered politically untouchable. Elsewhere on Capitol Hill, Republicans claimed this year's elections belied the conventional wisdom that Social Security is the "third rail" of politics: Touch it and you die. "Not only were we not hurt, we were helped by this issue politically, and on top of that, it's right thing to do," said Sen.-elect John Sununu, R-H.H. "That in and of itself provides great motivation." Most Democrats, however, remain staunchly opposed to the individual investment option for fear it would shift revenue from the Social Security trust fund, deplete the system and put benefits at risk on the roller-coaster stock market. Many Republicans, while generally supportive of the proposal, are loathe to pursue this controversial issue. "I don't see anything happening between now and the election in 2004. I don't think the environment is there to get the votes to make it happen," said Sen. George Voinovich, R-Ohio. White House officials are debating whether to press for legislation in the new session of Congress or to call for a "national conversation" to assess the issue. Most versions of the investment proposal would allow workers the option of taking 2 percent of their taxes now paid into the Social Security trust fund and putting them instead into stocks, bonds or money markets to be tapped upon retirement. Workers could also opt to remain under the current fixed monthly payment program. WORKING TOGETHER TO ATTAIN FAIRNESS | ||
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