Private accounts 'oversold,' senator (Graham) says

[struggle4progress]

By William M. Welch, USA TODAY

WASHINGTON — One of the Senate's most influential advocates for overhauling Social Security cautioned Thursday that private accounts "are being oversold" as a solution and said President Bush will need to compromise in order to transform the program.

Sen. Lindsey Graham, R-S.C., said massive borrowing required by Bush's proposal to divert Social Security taxes into private accounts is "the Achilles heel" of the president's program.

and his party eventually will have to agree to increase Social Security revenue — such as by lifting the cap on income subject to payroll taxes — if his hopes to overhaul the 70-year-old retirement and social insurance program are to be realized.

"Deficits matter," Graham said in an interview with USA TODAY reporters and editors. "The reform movement which the president is leading has an Achilles heel to it. How do you pay for this? The idea of borrowing trillions of dollars is going to be hard for a lot of people to swallow." <snip>

http://www.usatoday.com/news/washington/2005-02-10-graham-accounts_x.htm

[EVDebs]

1. I hear Graham would go for a cap of $120,000 on the SS payroll tax

up from the current $90,000. This shows cojones from a Republican and Dems should take note. Maybe this one can be reasoned with ! And if his rationality becomes contagious, the Bush plan will evaporate.

[Tweed]

5. I'm pretty sure Mel Martinez supports that too n/t

[GetTheRightVote]

2. glad to see someone on the other side coming to their senses

and siding against this borrowing scheme planned by *. I hope more join with him and end these lies.

:kick:

[lasttrip]

3. massive borrowing..

more like massive looting. good to see more speaking out.

[FlashHarry]

4. Graham always struck me as a fairly honorable guy.

For a 'Puke, that is. Kind of like Hagel and Lugar.