The Lonely Goatherd Blog And before him shall be gathered all nations: and he shall separate them one from another, as a shepherd divideth his sheep from the goats - Matthew 25:32
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February 17, 2005
Congressman Melvin Watt, hysteric Congressman Melvin Watt, a Democrat from North Carolina, had him a little Nancy Hopkins moment about noon today.
Fed chairman Alan Greenspan was giving his regular semi-annual testimony in front of the house. This was mostly fairly dry stuff, as you would expect. Notably, the chairman voiced his support for at least the general concept of personalized Social Security accounts, as President Bush has been advocating. He was, however, very careful to avoid the word "crisis," which another Democrat was trying very hard to pin him down on.
Congressman Watts threw a little fit of hysteria on the subject. He took a couple of solid minutes before he could even get his point out, going on about how much restraint he was having to throw on himself to avoid insulting the chairman and President Bush. He was clear that he wanted to make some comments that did not require any response from the Mr Greenspan, and then he'd work his way to some unrelated question.
Specifically, he was perturbed that the president suggests that these personal accounts are being offered up partially to help black folks. Likewise, Mr Greenspan had suggested that these personal accounts would be particularly for the benefit of poor people.
The honorable gentleman was quivering in agitation, and hardly able to form coherent sentences. Specifically, the presentation that personal Social Security accounts would help black and poor folk made him "nauseous." Indeed, he had to cut himself off, or he might "throw up." He was afraid that he'd "lose control" if he had to actually engage in any discussion of the issue.
So there you have it: the honorable gentleman's peristaltic instability proves that the president and Mr Greenspan are wrong. Indeed, the implication would be that they're not simply wrong, but dishonest. You wouldn't get your bowels in an uproar like this over an honest disagreement about economic policy.
It is, however, admittedly quite convenient that the honorable gentleman was too ill to discuss the issue. There are certainly lots of reasonable objections and reservations possible about this personal accounts idea. However, there are certainly some reasonable arguments that this could in fact be a particularly helpful idea for poor folks.
Rich folks already are going to have nesteggs, and estates to hand down to their children. There's at least a reasonable argument that personalized Social Security accounts would be an opportunity to let people further down the food chain get some ownership stake going, too.
Hopefully, Congressman Watt will be able to get his stomach problems under control in time to have an actual adult discussion about the merits of Social Security reform. Somehow though, I doubt it.
