Tuesday, October 09, 2007

Hillary Clinton, Super Soaker

The John Edwards presidential campaign surely knows how to recognize pandering from personal experience. Nonetheless, they earn the Line of the Day Award for noting that Hillary Clinton punted her "$5000 for every baby" plan today:

"Apparently, new polling data seems to have pressured the Clinton campaign to throw out the baby bond with the bathwater," said Edwards spokesman Chris Kofinis.

Hillary has instead jumped into the deep "there is no crisis" Social Security waters, with a plan now to increase the death tax and fund an income-based federal match for a new retirement entitlement.

As for the retirement accounts, Clinton said during a campaign stop in small-town central Iowa, "They will begin to bring down this inequality that is eating away at our social contract." She said, "This is a major commitment to how I believe we can begin to right the balance again."

Her campaign said that for every $7 million estate that gets taxed, at least 5,000 families would receive the matching funds.

Clinton said she wants to create "American Retirement Accounts" in which each family could put up to $5,000 annually in a 401(k) plan. The federal government would provide a tax cut to match the first $1,000 for any household that brings in less than $60,000 a year and 50 percent of the first $1,000 for those that make $60,000-$100,000.

Of course, the devil will be in the details but like with her government health insurance scheme, there should be enough bath water getting dumped out to soak us all.