WP
President Bush's proposal to add private investment accounts to Social Security is beginning to create controversy within the one group that has most forcefully embraced the idea in theory: the conservative intelligentsia.
Under Bush's approach, personal accounts "are complicated," wrote Alex J. Pollock, a finance expert at the conservative American Enterprise Institute, in a paper he will present at AEI today.
"To many people, they are downright confusing and even frightening, and they require diverting a portion of payroll taxes away from the U.S. Treasury."Conservative Harvard University economist Robert J. Barro broke with the White House in the April 4 issue of Business Week, writing, "Overall the accounts are a bad idea."
Tyler Cowen, a free-market economist at George Mason University, has linked his Web log, Marginal Revolution, to Barro's dissent, declaring, "Robert Barro agrees with me on Social Security."
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"For different reasons, I think support is waning," said Barro, who for years had embraced private accounts.
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