Bigger Government, Thy Name is Privatization

From the Wall Street Journal today ($): “Administration aides yesterday also didn’t rule out expanding the amount of wages subject to the payroll tax.... The administration is aiming to require people reaching retirement age to use their account assets to buy annuities.... Only the assets above and beyond that level could be passed on to heirs or withdrawn... it would push back the start date to 2009, when Mr. Bush is scheduled to leave office.” And this: “the administration has left the door open to raising the cap on the amount of wages taxed, now set at $90,000. Repealing the cap altogether -- as with Medicare’s smaller payroll tax -- would close Social Security’s projected 75-year funding gap.”