906 The Democrats' resistence to private accounts

Why have the Democrats been so virulently opposed to salvaging Social Security with private accounts, I've wondered. It didn't make sense. It could save our safety net. It could help the poor. In the late 90s they were saying SS was broken and broke. (Of course, they were also reporting that Iraq had WMD in those days.) Maybe it is just hatred of anything Bush?

I think John Zogby has really put his finger on it in an editorial essay in today's Wall Street Journal (Mar. 15, 2005) Zogby's polling firm has analyzed the 2004 election from every possible angle, and turned up some interesting information about Democrats who are also part of the self described investor class.

It is possible that if George W. Bush is successful in creating a larger investor class, a group that goes across all the demographics of female, Hispanic, Black, middle-class, etc., the Democrats will lose their base.

The investor class is self-identified as 46% of the total vote in 2004, and their world view tends to be conservative, middle-class, modest, and saving for the kids' college. And if they are Democrats, many of them voted for Bush.

"Like the New Deal, the president's "ownership society" is a compelling new vision and veritable redefinition of a society less dependent on government largess, of a middle class more independent and more capable of securing financial security on its own."

That would be bad news for the Democrats who need a large group of poor, disadvantaged and minority constituents to maintain their base. There will be many more theories and ideas thrown out for consideration to save Social Security, but this one by Zogby answered a nagging question for me.