Helen Thomas: Privatizing Social Security -- an idea whose time never came

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By HELEN THOMAS
HEARST NEWSPAPERS

WASHINGTON -- Has anyone heard conservative critics complain about "socialism" as they watch Uncle Sam partially nationalize some of the nation's big banks with an injection of $250 billion? President Bush announced the desperate move -- which is completely alien to the free marketers of the Republican Party -- and stressed that the government's role would be limited and temporary. The move still represents "corporate welfare," long resisted, but now welcome by Bush and his conservative colleagues. The goal is to restore public confidence in our financial system. The dramatic decision to have the public sector buy up part of the private sector ties in with the latest bank rescue plans adopted by European governments.

The two presidential candidates -- Republican John McCain and Democrat Barack Obama -- are working to convince voters that they have the best solution to lead us out of the financial wilderness. Obama proposes to eliminate the income tax on unemployment compensation. He is also offering a 90-day moratorium on housing forfeitures.

Big deal. For millions of jobless, it will take longer than three months to begin paying their delinquent mortgages.

The ball is now in both presidential candidates' court. They have to propose relief for taxpayers, for the auto industry and many others, to win votes in November. In Detroit -- my hometown and the center of the U.S. auto industry -- unemployment stands at 9 percent. McCain told a rally in Pennsylvania this week that he would use tax cuts to create jobs. He also wants to make tax cuts for the superrich permanent. The candidates should tear a page out of the New Deal blueprint for economic recovery by putting people to work repairing the nation's infrastructure -- roads, bridges, harbors and schools. The nation also should return to producing saleable items instead of outsourcing production -- and American jobs.

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