Master Of Disaster

Republicans who have been lobbied by Bush say he is uncommonly engaged in the issue and more passionate than they have seen him since he was pushing his signature education initiative in 2001.

“You could see him sitting on the edge of his chair,” said Rep. Bobby Jindal (R-La.).

Bush typically focuses his pitch on detailing the long-term strain on Social Security’s resources and argues that it should be addressed sooner rather than later. “If we are going to be able to address and fix this problem, people need to be educated about the scope of the problem,” one Republican quoted him saying.

Whereas some analysts and associates have portrayed Bush as a brusque manager impatient with policy details, lawmakers see a different picture when he discusses Social Security. He has become a master of actuarial arcana, such as the concept of a “bend point” — a feature of the complex formula for calculating benefits.

Yes. His mastery of actuarial arcana is very impressive:

Because the — all which is on the table begins to address the big cost drivers. For example, how benefits are calculate, for example, is on the table; whether or not benefits rise based upon wage increases or price increases. There’s a series of parts of the formula that are being considered. And when you couple that, those different cost drivers, affecting those — changing those with personal accounts, the idea is to get what has been promised more likely to be — or closer delivered to what has been promised.

Does that make any sense to you? It’s kind of muddled. Look, there’s a series of things that cause the — like, for example, benefits are calculated based upon the increase of wages, as opposed to the increase of prices. Some have suggested that we calculate — the benefits will rise based upon inflation, as opposed to wage increases. There is a reform that would help solve the red if that were put into effect. In other words, how fast benefits grow, how fast the promised benefits grow, if those — if that growth is affected, it will help on the red.

One can certainly understand why people would feel comfortable trusting their financial security in retirement to this man. I’m quite sure it’s why he’s been so successful with the issue so far.

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