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June 02, 2005

Bob Rubin on Social Security

From The Hill:

Rubin urges Democrats not to reveal their hand: Former Treasury Secretary Robert Rubin, the steward of President Clinton's economic policy, told the House Democratic Caucus yesterday that it needs to continue to "hold firm"... and advised the Democrats not to introduce their own plan, according to aides and lawmakers in the meeting. Rubin, who has gained huge stature in the party for presiding over the national finances during the Clinton boom years, counseled congressional Democrats against engaging Republicans on specifics. He urged them instead to cast the debate in terms of principles.... In a sweeping review of the fiscal health of the country, the strength of the dollar and international trade, Rubin said that Social Security ranks third behind deficit reduction and Medicare reform as the most important economic policy issue facing the country. He also warned his fellow Democrats that they would need to work in a bipartisan manner with Republicans to address Medicare's deep problems.... "From a political standpoint, [Rubin] said, hold firm because you have a difference in principles; their principle is a privatization plan, ours is not to add to the deficit, and there's not a whole lot of room for compromise. 'They control the playing field. We can't get into this debate without compromising our principles.'"

Posted by DeLong at June 2, 2005 10:13 AM