"The Republican Moment", subtitle WSJ loves Bush

[TexasLawyer]

Wall Street Journal

POTOMAC WATCH

The Republican Moment
Will the GOP have the courage, at last, to change the face of government?

BY PAUL A. GIGOT
Thursday, January 20, 2005 12:01 a.m. EST

http://www.opinionjournal.com/columnists/pgigot/?id=110006179


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The good news is that Republicans in Congress do have a new, and rare, opportunity. In Mr. Bush, they have a president willing to use his bully pulpit to promote large and long-term reforms, notably on Social Security, health care, liability law, taxes and the judiciary. Doing even two or three of these would be a major achievement.

Mr. Bush is making Social Security his first priority, and rightly so. It is in some ways the politically most difficult, but it is also the intellectually clearest. Private Social Security accounts aren't a radical idea and have been tried with success other places in the world. They have great appeal to young people, who correctly see that Social Security won't otherwise be there for them, yet they don't threaten the benefits of older Americans. The transition costs have to be accounted for, but this is mainly a question of budget math and political judgment.

The reform is well worth any political risk because, among other things, it would rewrite the social compact across generations. Young people would be able to save for their own retirement, not consign 12.4% of their paycheck to transfer payments. The reform would instantly reduce the federal government's long-term liabilities, and above all it would make every American from the first day of work a member of the investor class. Over time this will reduce the demand for government, which ought to be a major Republican goal.

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