Tuesday, February 22, 2005

Caught Committing Journalism

The L.A. Times has a story today about states that have adopted self-directed pension plans for public employees. Such plans are also known as Defined Contribution plans. They are also known as Private Accounts.

Almost as if to say, "take that!" to the GOP spinmonsters, reporter Peter Gosselin writes the following sentence:

"The personal accounts are the only thing that makes this whole effort worth doing," said Grover Norquist, a leading proponent of private accounts, who is president of the advocacy group Americans for Tax Reform (emphases added).

Read the whole story. The piece accomplishes much more than this elegant little push back against Republican Newspeak. It examines the woeful story of public employees in seven states who decided to manage their own retirement accounts funded with their own payroll contributions. Fewer than 10 percent of eligible workers, on average, even bothered to take advantage of the plans. For most of them, the results weren't pretty.