Rubin to Dems: Don't get snookered on Social Security

Former Treasury Sect'y Bob Rubin went to Capitol Hill to buck up his fellow Democrats. Specifically, he told them to not fall into the trap of offering a plan of their own on Social Security until preznit and the Republican Congress offer one of their own. He also pointed out that compromise on Social Security is all but impossible unless Democrats are willing to sacrifice their own principles.

Rubin, who has gained huge stature in the party for presiding over the national finances during the Clinton boom years, counseled congressional Democrats against engaging Republicans on specifics. He urged them instead to cast the debate in terms of principles, with opposition to deficit spending as their guiding conviction.

“Putting out a Democrat plan on Social Security would be a horrible mistake because right now it’s the president’s principles against our principles,” Rubin said, according to a Democratic leadership aide. The aide added that Rubin told his party colleagues that it would be hard to win a battle of specifics.

In a sweeping review of the fiscal health of the country, the strength of the dollar and international trade, Rubin said that Social Security ranks third behind deficit reduction and Medicare reform as the most important economic policy issue facing the country. He also warned his fellow Democrats that they would need to work in a bipartisan manner with Republicans to address Medicare’s deep problems.

Another leadership aide said, “From a political standpoint, he said, hold firm because you have a difference in principles; their principle is a privatization plan, ours is not to add to the deficit, and there’s not a whole lot of room for compromise.

“They control the playing field. We can’t get into this debate without compromising our principles.”

[...]

Democratic lawmakers said that the encouragement from a Clinton administration figure would steel the caucus in its resolve to defeat the president’s Social Security plan. “Here’s a guy who was in a position of authority when we experienced this incredible amount of economic growth,” said Rep. Joe Crowley (D-N.Y.). “It’s important that we hear from them from time to time. His whole take was no more deficit spending and no to the president’s Social Security plan.”

Josh Marshall agrees.

Geez, remember when we had a Treasury Secretary with stature? I know, it's hard to believe.