Allan Hubbard
By David T. Cook
Allan Hubbard, the assistant to President Bush for economic policy and director of the National Economic Council, was Thursday's guest. Here are excerpts from his remarks:
On the US economic outlook, given fast-rising gasoline prices:
"Economists ... are good at wringing their hands. But there are fewer things to worry about today than there normally are.... Obviously, energy costs are a significant concern."
On Democrats and the campaign to reform Social Security:
"We are in constant dialogue with both sides.... [If] Senator Reid and Congresswoman Pelosi truly care about solving this problem, I don't understand how they can take the positions they have taken: not to consider a voluntary personal retirement account."
On Democrats' proposal to create private accounts outside Social Security vs. President Bush's plan to divert Social Security taxes into personal accounts:
"[The president] is willing to consider what people are calling add-on accounts. He certainly has not endorsed add-on accounts. It is fiscally irresponsible to be talking about adding ... demands on the federal budget, which most or certainly many add-on accounts would do. You can design add-on accounts that don't add to the budget deficit.... It is not off the table."
On whether the president will move on tax-reform legislation next year:
"I think we have to wait and see where we are with everything else."
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