Whoops, fooled you again

Now we know from the White House that there is no Social Security crisis and that private accounts won't guarantee the program's solvency only cost trillions of dollars and require massive benefit cuts.

On the other hand, there is still that Ownership Society Holy Grail, resplendent in all its glory, the ability to pass your private account on to your heirs.

Only, apparently not.

It's been mentioned here and there. But it turns out that you can't do that after all. In fact, probably only if you're an upper-income earner will you ever be able to get your hands on any substantial part of it, let alone pass it on to the kids, the alma mater or your favorite pet.

Under the Bush plan, when you retire you are mandated by law to use your private account funds to purchase an annuity substantial enough to keep you above the poverty line for the rest of your life. (I guess that whole letting people decide what to do with their own money bit only goes so far.)

[...]

So you may not get to pass on your wealth. But at least you have a guarantee that you won't outlive it. Which, come to think of it, sounds a lot like the Social Security, only now with the added benefit of no guarantees and financial services firms to skim off their own cut by managing your account and selling you your annuity.
  Talking Points Memo

That's from Josh Marshall, whose blog has become a microscope on the Social Security issue. He's even keeping track of which politicians are on the fence or on which side of the fence and how far.

As we told you just after 5 PM this afternoon, we've found the Loudest and Proudest member of the Conscience Caucus. It ain't even close.

She is Rep. Jo Ann Emerson (R) of Cape Girardeau, Missouri.

As you may remember, Emerson was one of the first or first two members of the Conscience Caucus. And in the constituent letter she's now sending out on Social Security she leaves little doubt where she stands.

[...]

"Not only is Social Security nowhere near exhaustion, [...] the projections of bankruptcy do not reflect the many ways in which we can strengthen the system for the future without using aggressive and risky reforms. If Congress would seriously address Medicare reform, balance the budget, and make pension reform a real priority, then the solvency of Social Security would be assured indefinitely."

Later she writes, "I cannot support any plan to allow workers to place any portion of their Social Security taxes in risky investments, especially those that depend upon the stock market to appreciate in value."

And finally, "It remains my opinion that Social Security reform is not necessary at all if Congress would seriously address Medicare reform, balance the budget, erase the trade deficit, and make pension reform a real priority."

[...]

We can now report that Rep. Emerson has been chosen as the Dean of the House Conscience Caucus.
  Talking Points Memo

How about that? I don't have to apologize for my home state yet another time. Jo Ann may want to look for another party, though.

Rep. Ginny Brown-Waite (R) of Florida feeling the heat back in the 5th District?

This new article in the St. Petersburg Times covers Brown-Waite's town meetings today at which she began by telling constituents about her one-on-one with the president in the limo ride to the Bamboozlepalooza event in Tampa.

"He wasn't happy with me," Brown-Waite told the crowd. This was, she said, after telling the commander in-chief she wanted to "proceed cautiously."
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