Infomaniac: WeBlog

Overheard on the Web, and other Web links From The Herald's Research Editor

Pushing Social Security 'Reform' 

Capital Eye, a project of the Center for Responsive Politics, has done a study of Lobbying for Social Security reform. By studying lobbyist filings and campaign contribution databases, the group finds that some groups who have financial incentive to change Social Security are pouring money into the campaign. Their example:

The Alliance for Worker Retirement Security is the leading business coalition backing Bush's proposal that would allow workers to invest some of their Social Security payroll taxes in private investment accounts. The Alliance's 35 members include representatives of industries that could profit enormously from such a plan, including the Securities Industry Association, Wall Street's main trade group, and PaineWebber -- now called UBS Financial Services and one of the biggest campaign contributors in the securities and investment industry.
...Some investment analysts have said the fees associated with private accounts might be too small to provide much of a financial windfall.
...As a member of the Alliance, however, the Securities Industry Association has made its support for private investment accounts unequivocal. The SIA has contributed $2.1 million to federal candidates and political parties since 1999, of which $1.2 million went to Republicans. Additionally, the association spent more than $10 million on obbying from January 2003 through June 2004.

There is also information about opposition to the proposal from AARP.

posted by liz at 11:58 AM