Former Bush Social Security adviser says ’ship has sailed’ on persoanl retirement accounts

[Geee]

Daily Caller:

The former Social Security adviser to President George W. Bush says that Bush’s signature proposal for personal Social Security retirement accounts may no longer be tenable and might have to be set aside when political leaders next get around to trying to fix the nation’s troubled retirement system.

In an interview with The Daily Caller, Charles Blahous, who helped Bush craft and promote the accounts, indicated that while the personal accounts were doable while Bush was still president, the current deficit makes the idea less practical today.

“We may now be in a place where that ship has sailed,” he said. “Taking on any advance funding of future liabilities may be a bridge further than we can go.”

The accounts, which would have included an option for investment in the stock market, lit a firestorm when Bush proposed to make them part of Social Security reform legislation in 2005. Democrats trained their fire on the accounts, accusing Bush of wanting to “privatize” Social Security. Many Republicans, including Blahous, believe Democrats used the accounts proposal as an excuse for refusing to negotiate with Bush on Social Security reform.

Bush’s proposals failed, and the death of his top domestic priority is widely credited with helping cripple his domestic agenda for the remainder of his term.

[pollyannaish]

This makes me sad. What a waste.