5th Anniversary of the Hyde Park Declaration
This month we quietly celebrated the 5th anniversary of the Hyde Park Declaration, a ‘Statement of Principles and a Policy Agenda for the 21st Century’ issued by the Democratic Leadership Council in August of 2000. The Declaration was a guide for Democrats for Policy in the new Millennium.
Yet, why was it a quiet celebration? Well, that was because some of the good ideas offered by the New Democrats include ‘Personal Retirement Accounts’ for Social Security. Today, the Democratic Party has decided to stay out of the national discourse on a permanent solution to the solvency issue of Social Security.
You see, it was a quiet celebration because the lists of signors of this Declaration include many who have spoken ill of the very measures they endorsed only 5 years ago. Congressman Jim Davis is one of many Democrats who had agreed by signing the measure that endorsed…
· Honor our commitment to seniors by ensuring the future solvency of Social Security and Medicare.
· Make Structural reforms in Social Security and Medicare that slow their future cost growth, modernize benefits, and give beneficiaries more choice and control over their retirement and health security.
· Create Retirement Savings Accounts to enable low-income Americans to save for their own retirement.
Congressman Davis is not the only prominent Democrat to endorse Personal Savings Accounts in 2000 who has more recently shied away. That list also includes Sen. Bayh, Sen. Kerry, Sen. Landrieu, and Sen. Lieberman.
The historical context of the Hyde Park Declaration should be noted for clarity. It was written and signed by these Democrats long before they and their Party refused to offer any solution to the Social Security problem. In fact, around the same time as this Declaration, the thoughtful Democrat Senator Daniel Patrick Moynihan said of his own savings account proposal, “With this investment provision workers can build up estates, The fellow who worked at Bethlehem Steel for 40 years would not just have a pension, an annuity, but could leave substantial amounts of money to his children. That’s kind of a new America”.
It was this type of thinking at allowed the Democrats signing this Declaration to say about Social Security, “we can’t just spend our way out of the problem; we must find a way to contain future costs.” They went on to endorse the proposal of giving, “beneficiaries more choice and control over their retirement and health security” and that we should “Create Retirement Savings Accounts to enable low-income Americans to save for their own retirement”.
The time has come for the thoughtful Democrats, like Rep. Jim Davis, to back their Hyde Park Declaration with action. The time for politics as usual has passed, the fiscal wreck of Social Security inches closer each passing day. Instead of ignoring their Declaration of 2000 in Hyde Park, today we ask Representative Davis to stand and reaffirm his 5-year-old endorsement for Retirement Savings Accounts and permanent Solvency of the Social Security System.
It may come as a surprise to many to discover that President Roosevelt’s original Social Security plan included provisions that would have allowed people to make personal investments-not all together different from the private accounts that President Bush is currently proposing. This was one of the three ‘necessary principals’ in Roosevelt’s legislative package presented to Congress on January 17, 1935. Unfortunately this provision formerly known as ‘Title V’ was deleted from the final bill that passed Congress due to pressure from the Insurance Industry Lobby.
So, now that thoughtful American’s like President Roosevelt, Senator Daniel Patrick Moynihan, Representative Jim Davis and President George Bush all agree on the concept of ‘Personal Retirement Accounts or if you wish, Retirement Savings Accounts, let us have some Democratic Leadership to help get this boat to port for all our sakes. Once this boat is safely navigated to port we have another looming Medicare ship not far behind. This should not be a Democrat or Republican issue; it must be a bi-partisan solution.
The nation needs to see the signors of the Hyde Park Declaration stepping up to help guide this ship safely home.
Yet, why was it a quiet celebration? Well, that was because some of the good ideas offered by the New Democrats include ‘Personal Retirement Accounts’ for Social Security. Today, the Democratic Party has decided to stay out of the national discourse on a permanent solution to the solvency issue of Social Security.
You see, it was a quiet celebration because the lists of signors of this Declaration include many who have spoken ill of the very measures they endorsed only 5 years ago. Congressman Jim Davis is one of many Democrats who had agreed by signing the measure that endorsed…
· Honor our commitment to seniors by ensuring the future solvency of Social Security and Medicare.
· Make Structural reforms in Social Security and Medicare that slow their future cost growth, modernize benefits, and give beneficiaries more choice and control over their retirement and health security.
· Create Retirement Savings Accounts to enable low-income Americans to save for their own retirement.
Congressman Davis is not the only prominent Democrat to endorse Personal Savings Accounts in 2000 who has more recently shied away. That list also includes Sen. Bayh, Sen. Kerry, Sen. Landrieu, and Sen. Lieberman.
The historical context of the Hyde Park Declaration should be noted for clarity. It was written and signed by these Democrats long before they and their Party refused to offer any solution to the Social Security problem. In fact, around the same time as this Declaration, the thoughtful Democrat Senator Daniel Patrick Moynihan said of his own savings account proposal, “With this investment provision workers can build up estates, The fellow who worked at Bethlehem Steel for 40 years would not just have a pension, an annuity, but could leave substantial amounts of money to his children. That’s kind of a new America”.
It was this type of thinking at allowed the Democrats signing this Declaration to say about Social Security, “we can’t just spend our way out of the problem; we must find a way to contain future costs.” They went on to endorse the proposal of giving, “beneficiaries more choice and control over their retirement and health security” and that we should “Create Retirement Savings Accounts to enable low-income Americans to save for their own retirement”.
The time has come for the thoughtful Democrats, like Rep. Jim Davis, to back their Hyde Park Declaration with action. The time for politics as usual has passed, the fiscal wreck of Social Security inches closer each passing day. Instead of ignoring their Declaration of 2000 in Hyde Park, today we ask Representative Davis to stand and reaffirm his 5-year-old endorsement for Retirement Savings Accounts and permanent Solvency of the Social Security System.
It may come as a surprise to many to discover that President Roosevelt’s original Social Security plan included provisions that would have allowed people to make personal investments-not all together different from the private accounts that President Bush is currently proposing. This was one of the three ‘necessary principals’ in Roosevelt’s legislative package presented to Congress on January 17, 1935. Unfortunately this provision formerly known as ‘Title V’ was deleted from the final bill that passed Congress due to pressure from the Insurance Industry Lobby.
So, now that thoughtful American’s like President Roosevelt, Senator Daniel Patrick Moynihan, Representative Jim Davis and President George Bush all agree on the concept of ‘Personal Retirement Accounts or if you wish, Retirement Savings Accounts, let us have some Democratic Leadership to help get this boat to port for all our sakes. Once this boat is safely navigated to port we have another looming Medicare ship not far behind. This should not be a Democrat or Republican issue; it must be a bi-partisan solution.
The nation needs to see the signors of the Hyde Park Declaration stepping up to help guide this ship safely home.
posted by Tom Gaitens at 11:03 AM
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