I am uninterested in sidetracking this debate to what Mr Bush did wrong. It’s a common knee-jerk reaction, particularly on this Board, to defend Mr Obama by reminding the Board of Mr Bush’s incompetence. Mr Bush’s incompetence has no bearing as a justification for Mr Obama’s errors.
Nor is it a question of oversight or regulation. As I have pointed out, we already have a $70M agency, with a Director, charged with that. It is the general principle that we need one more person and one more layer to fix what isn’t being done now, instead of actually holding the current Director and the current agency accountable. It is by such a paradigm that inefficiency grows in bureaucracies; one more person, earnestly spending their entire day making sure the next person over is doing their job. It always starts with Just One More. And the higher the position of that One More, the better a bet it is that her staff and budget will grow, duplicative of (in this case) the identical responsiblity of OMB or not. Of course, it won’t be long before the Office of Coordination between OMB and the Chief Perfomance Officer will be needed. Just one more drop in the bucket, and only a trivial part of the overall government. Insignificant, even, and nothing to complain about.
ETA: can’t help myself reminding you there is no money in Social Security accounts anywhere. It’s just chits. Only time will tell if stock or the Federal Government ended up being a better choice. And I have no position on either side. Be happy to debate the specifics elsewhere…