If Al Gore has his way, this marked the birth of the Maybe, Maybe Not Social Security Plan. Let's begin by thanking Bush for making this an important election. Where domestic policy is concerned, few things matter more than Social Security. And Bush has put Social Security's future at the center of the campaign. Bush is proposing a radical departure.
Risk produces both rewards and losses.
They'll be large, because allowing people to keep a share of their payroll taxes takes money out of the government coffers from which Social Security benefits are paid. Yet Bush promises those at or near retirement that they won't lose a dime of benefits. Even Warren Buffett has his bad spells. McCain proposed much smaller tax reductions to put aside enough money to pay the costs of privatization. The tricky thing for Bush is that every guarantee he offers will require him to produce details to back it up.