The Democratic leadership in Congress has apparently adopted this philosophy as a strategy to defeat the idea of optional personal retirement accounts to restructure our dysfunctional Social Security system. Week after week their rhetoric attempts to deny, distort, distract, and deceive the public on the facts about President Bush?s optional accounts proposal.
The Democrats? initial denial was that there is no crisis with the Social Security system. This was despite the fact that in 1998 former President Bill Clinton said that the system was in crisis. This was also despite the fact that the crisis has been approaching for sixty years, and in twelve more years there will be more money paid out than money collected from payroll taxes. And never mind the constant warnings by the Social Security Administration that the system is approaching a meltdown.
Their next tactic was to tell people that optional personal accounts are too risky for the unsophisticated working public. This is despite the irrefutable success their own Thrift Savings Plan, the indisputable success of the Galveston, TX Municipal Employees Retirement Plan, and the fact that since 1926 the average yearly rate of return of the stock market is over 7 percent.
The Democrats? next blitz against optional personal accounts was to say they would not sit down with the president and Republicans to negotiate a solution until the president took optional personal accounts off the table. That?s ignorance code for ?we only want to raise your taxes and reduce your benefits.?
The denial of all denials came from Black congressional Democrats, who said they were insulted that Bush pointed out the inherent bias against Black people due to significant differences in average life expectancy. Had I not heard several Black congressmen say that with my own ears I would not have believed they said it. Even Senator Barack Obama (D-IL), the Democrats ?rising star,? said in an interview that he found it stunning that the president would use those indisputable facts. What is more stunning is that for decades no organization or so-called Black leader has shared this compelling fact with the public.
Herman Cain is the National Chairman of the Media Research Center’s Business & Media Institute. He is the former president and CEO of Godfather’s Pizza, Inc., and currently is CEO and president of T.H.E. New Voice, Inc., a business and leadership consulting company.
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