Former Bush’s Social Security Administration COO James B. Lockhart III visited PDR to discuss the state of many of our social programs, specifically Social Security. His book America: Under Water & Sinking is out now.
James B Lockhart III, America Under Water and Sinking
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In a recent edition of “Politics and Right,” an insightful and critical discussion unfolded with James B. Lockhart III, the former Principal Deputy Commissioner and COO of the Social Security Administration under President George W. Bush. Lockhart, author of the award-winning book “America Under Water and Sinking,” and currently a Senior Fellow at the Bipartisan Policy Center, delved into the current state of Social Security, looming potential cuts, and the broader implications these changes hold for American society.
Lockhart’s book, as he explained, is a metaphorical depiction of his career in government, where he observed firsthand the ‘underwater’ status of several major government agencies. His narrative, stretching from his early days on a nuclear ballistic submarine to his tenure overseeing the Pension Benefit Guaranty Corporation under President H.W. Bush and later the Social Security Administration under President George W. Bush, paints a vivid picture of the systemic challenges faced by these institutions.
A significant focus of the discussion was on the Bush administration’s attempt to reform Social Security, a move Lockhart describes as touching the “third rail of politics.” As history shows, this attempt was met with substantial resistance, indicating the deeply entrenched political and societal complexities surrounding Social Security. Lockhart’s observation that the effort failed despite exempting those over 55 from changes highlights the powerful influence of organizations like AARP and the deep-seated fears and misconceptions surrounding any talk of Social Security reform.
Lockhart’s perspective on Social Security’s challenges is twofold: demographic shifts, primarily due to the baby boomer generation’s retirement, and a lack of political will to address these impending issues. He suggests that while the demographic challenges are significant, the greater hurdle is the political impasse. This impasse stems from a reluctance to confront uncomfortable truths about the sustainability of Social Security and the need for reform to ensure its longevity.
The conversation also touched on the economic disparities the current Social Security system exacerbated. Lockhart emphasizes that while the average couple might not face severe consequences, the lower-income groups are most vulnerable. These groups often rely on Social Security for a significant portion of their retirement income.
Lockhart also brought up the broader context of his experiences, particularly during the 2008 financial crisis when he oversaw Fannie Mae and Freddie Mac. His insights into the housing market’s collapse and subsequent government interventions shed light on the interconnectedness of various economic sectors and the government’s role in stabilizing them.
The interview concluded with a discussion on the value of public service, with Willies commending Lockhart for his government work. This acknowledgment serves as a reminder that public service, often overshadowed by the private sector, plays a crucial role in shaping and maintaining the welfare of society.
While Willies clarified that all income should be taxed for Social Security to ensure fairness, Lockhart was not keen on that tenet. While Lockhart was a competent bureaucrat, he continued to suffer from the false ideological indoctrination that the private sector was inherently more efficient than the public sector. However, he eventually conceded that the private sector had serious problems. Here is a statement of fact: generally, where the public sector fails, it is a private sector-induced failure.
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