The Pact Between Bill Clinton and Newt Gingrich to Privatize Social Security

[JackRiddler]

28. Clinton-Gingrich agreed to gut social security but scandal intervened.

Neither Sanders nor any other potential opponent got a chance to oppose the initiative because it was not rolled out.

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It is a passage from historian Steven Gillon's 2008 book, describing how the plan to reform SS through cuts accompanied by the introduction of individual retirement accounts was brokered by Clinton's chief of staff Bowles (of the Simpson-Bowles duo) and agreed on between Gingrich and Clinton, but ran into the Starr/Lewinsky matter before a public rollout of the details. They planned to keep the details under wraps and covered by a series of fixed town-hall-style meetings before pushing the legislation through the lame duck Congress in late 1998 - when instead the House was impeaching Clinton for the "sex scandal" bullshit, which the Republicans en masse mistakenly saw as the bigger opportunity to get everything they wanted. We can imagine how things might have gone if not for that, where the "retirement accounts" would have ended up in the 2007-2008 denouement of the great Wall Street scam.