Armey's Austerity.(House Majority Leader Richard K. Armey)(Brief Article)

IN A LETTER TO HOUSE REPUBLICANS IN EARLY JULY, House Majority Leader Dick Armey, Republican of Texas, outlined his "four-point plan" for "rolling back big government." Items one, two, and three are familiar GOP boilerplate: tax cuts, tax cuts, and tax cuts. The fourth and more interesting item involves Social Security privatization. It's more interesting because in his extended exposition, Armey concedes something that has been both obvious and heretofore vigorously denied by the right. "The transition to personal accounts will cost a lot of ...