The Magazine

Let 'er Rip

Mar 21, 2005, Vol. 10, No. 25 • By FRED BARNES, FOR THE EDITORS
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There's a new Democratic line of attack. Democrats charge breathlessly that Bush has been advocating individual accounts since he ran for Congress in 1978 and predicted Social Security would become insolvent by 1988 without accounts. Actually, it did become insolvent in 1983. The Washington Times checked what would have happened if individual accounts, invested in market index funds, had been established in 1978. The Dow since then has soared from 820 to nearly 11,000, the S&P 500 from 96 to more than 1,220, and Nasdaq from 118 to roughly 2,050. Retirees would be living in high style. So, Mr. President, let 'er rip on individual accounts. You've got nothing to lose and momentous reform and a booming Republican party to gain.

--Fred Barnes, for the Editors