October 17, 2004

My grandma doesn't have to worry

My mom doesn't have to worry.

The generation that has to worry about Social Security? Ours. In about thirty years.

Privatizing social security will require either (a) a dramatic cut in benefits paid to people currently supported on it, or (b) a dramatic infusion of cash from some other source than payroll taxes. When asked this question specifically during the third debate, Bush talked about `higher returns'. (Note that talking about `returns' is misleading, as social security is not an investment system, and even if you do look at it in those terms, its average return is pretty comparable with the average long-term return on stocks.)

The only danger the social security system faces today is from the free market fanatics in the Republican party.

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