From Michael Hiltzik at the Los Angeles Times:
Former Vice President Mike Pence dipped his toes into the presidential
campaign waters Feb. 2 with a proposal that would mean the death of
Social Security. ...
Pence unearthed the old Republican idea of privatizing Social Security wholly or partially. ...
Pence didn’t say outright that he advocates killing Social Security. Instead, he took the course I reported on just last week.
That’s the Republican and conservative habit of employing
plausible-sounding jargon and economists’ gibberish to conceal their
intention to hobble the program. ...
But make no mistake: Diverting any significant portion of Social
Security taxes into private accounts would make the program unworkable,
funnel untold wealth into the hands of Wall Street promoters and leave
millions of families destitute. ...
[Pence] whined about “this trajectory of massive debt that we’re piling on the
backs of [our] grandchildren” and attributed most of it to Social
Security and Medicare (the “entitlements”). Never mind that well more
than $1 trillion of that debt was incurred when his party passed a
massive tax cut for the rich in 2017. ...
He promised, as Social Security “reformers” always do, that he would
hold seniors harmless: “To everyone that’s got hair the same color hair
as me, nothing’s going to change for you,” but younger Americans would
face a changed landscape, “better choices that would also be better for
the country.”
This is also a cherished Republican stunt —
guaranteeing that their “reforms” won’t harm current retirees and the
near-retired. It’s pure politics because they know that seniors would
slaughter them at the polls otherwise. But if their ideas are so great,
one must ask, why not impose them on everybody? ...
I won't repeat it here but Hiltzik goes on to eviscerate every premise that has ever supported the notion of private accounts to replace Social Security. No, they're not a pathway to wealth for Americans. No, they're not at all safe. No, they wouldn't begin to replace the protection against disability and early death contained in the Social Security Act. No, they can't replace the inflation protection of the Social Security Act. As Hiltzik concludes:
It’s a crap shoot. And in craps, like any other gamble promoted as a
sure thing, it’s the house that wins. Pence is carrying water for the
Wall Street firms that will be circling small investors to suck up their
assets. When they’re done, there will be nothing left of Social
Security.