"The only reason anyone is even talking about cutting benefits and privatizing the program is that the right has managed to convince the public that Social Security is on its last legs.
"For more than two decades they have spread stories about the baby boomers bankrupting the system and multitrillion-dollar debts left to our children and grandchildren.
"In reality the program can pay all scheduled benefits long past the boomers' retirement. According to the Social Security trustees report, it can pay full benefits through the year 2042 with no changes whatsoever.
"The nonpartisan Congressional Budget Office puts the date at 2052. And even after those dates, Social Security will always be able to pay a higher benefit (adjusted for inflation) than what retirees receive today.
Those scary multitrillion-dollar debts translate into a deficit equal to 0.7 percent of future income - presented in very precise form in the Social Security trustees report for those who care to look." - Anti-Social Security
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1 comment:
Good old Paul Krugman
Scam. Three-card monte. I've been thinking a lot about flying pigs. The privateers are claiming that you can have something for nothing. They're basically saying, "Let's assume that pigs can fly." And when you say, "You know, it's not good to assume that pigs can fly," they respond by saying, "What's wrong with you? Don't you understand the enormous advantage of flying pigs?"
The only reason they talk about how wonderful an ownership society would be is because we managed to win the battle over the word privatization. The Cato Institute -- which is the intellectual headquarters for all this stuff -- founded something in 1995 called the Project on Social Security Privatization. But focus groups don't like that word, so in 2002 they changed the name to the Project on Social Security Choice. They didn't announce a name change -- they just went back and scrubbed their Web site, so there's no indication that it was ever called "privatization."
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