For six decades, Democrats have been proud defenders
of America's most popular government program, Social
Security. But the debate is now becoming so muddled that when
the dust settles, Social Security may well end up partly privatized
with George W. Bush getting credit for saving it.
How could this have happened?
Twenty years ago, it became clear that Social Security
needed adjustment because people were living longer. Unlike a
private retirement account, Social Security keeps sending the
checks as long as you live.
In 1983, Congress slightly raised both taxes and the
retirement age. It also adjusted the cost-of-living formula.