November 22, 2004

The day after his victory speech, President Bush talked about some of the things that he would like to accomplish during his second term. He has mentioned making his tax cuts from his first term permanent; other objectives include possible expansion of his Health Savings Accounts (HSA) and allowing Social Security participants to direct a portion of their payroll deductions into a private account. Obviously the workers would, in return, give up a portion of their future Social Security benefits. The President has also talked about tax reform. All of the previously mentioned are laudable objectives. The standard criticism seems to be that there are too many goals and that the President may not be able to accomplish them all. The consensus seems to be that he needs to narrow his focus. Going down this path means that the President will have to sacrifice some of the objectives. We don’t agree, and in our opinion many people are missing the main point of the President’s message.

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