http://quote.bloomberg.com/apps/news?pid=10000039&refer=columnist_ferguson&sid=a6TF3AH..wBE Bush's Social Security Reform Meets Brick Wall: Andrew Ferguson
March 15 (Bloomberg) -- For as long as students of political cliche can remember, the U.S. Social Security system has been called the ``third rail of American politics.'' Like the steel beam that brings current to subway trains, if you touch it, you die -- or at least end up with blackened fingers and a ridiculous perm.
We now know the cliche is false, thanks to President George W. Bush.
``I've touched the third rail,'' the president has said often, and with an air of self-congratulation, since proposing to reform Social Security with individual investment accounts.
And sure enough, when the president boldly stretched out his hand and dared to seize the issue, political observers covered their eyes and ears in horror and -- nothing happened.
And I do mean nothing. Not only has the president not suffered any political damage from his reform attempt, but the very possibility of reform seems as remote as it ever did. <snip>
Indeed, Bush's plan may very well flood the securities markets with investment money that is strictly regulated, placing vast chunks of those markets under Washington's control.
This is hardly the way to strike a blow at the welfare state, as Bush's Republican allies are slowly realizing. Together with a wily Democratic opposition and a wary public, they form an excellent brick wall -- or whatever metaphor you care to use.
To contact the writer of this column:
Andrew Ferguson in Washington at aferguson62@yahoo.com.
To contact the editor responsible for this column:
Bill Ahearn at bahearn@bloomberg.net.