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Willisms

« "Today Ukraine, Tomorrow Belarus." | WILLisms.com | Man Keeps Dead Mother In Freezer In Order To Collect Her Social Security Checks. »

Two Must-Reads On Social Security.

Wall Street Journal:

President Bush is now endeavoring to redress the looming embarrassment of Social Security's obligation to pay more than it will take in. The semantic argument about whether this shortfall constitutes a crisis, a problem, or a banana daiquiri is pointless. The gap must be closed, either by reducing the program's obligations or increasing its revenues. The president's approach calls for restraining the growth of Social Security benefits, while compensating for that reduction by letting younger workers divert a portion of their taxes to build up their retirement savings. The logic is that while blackening the skies with criss-crossing dollars is a zero-sum game, participating in capital formation through investments is not. Wealth can be multiplied, not just divided.

Few Democrats or leftists of any stripe have come forward to applaud Bush's pragmatic, experimental social policy. Yet, they can't confess that their "principle," that government must always grow and never shrink, is something they pulled out of the air. Nor can they draw on the credibility they built up the last time a welfare state program was scaled back. In the Clinton-era debate over welfare reform, we were told (in The Nation) that Aid to Families with Dependent Children was crucial to "the fragile state of grace that suggests we are our sisters' and brothers' keepers. That is what community is fundamentally about." And we were warned that ending AFDC "will destroy that state of grace. In its place will come massive and deadly poverty, sickness, and all manner of violence. People will die, businesses will close, infant mortality will soar, everyone who can will move. Working- and middle-class communities all over America will become scary, violent wastelands."

Show us, please, all those hellish wastelands that have sprung up in the last nine years--and then tell us why we must not make any changes to Social Security.

New York Times:

I made a pilgrimage to Santiago seeking to resolve the Social Security debate with a simple question: What would Pablo Serra do?

I wanted to compare our pensions to see the results of an accidental experiment that began in 1961, when he and I were friends in second grade at a school in Chile. He remained in Chile and became the test subject; I returned to America as the control group.

By the time we finished college, both of our countries' pension systems were going broke. Chile responded by pioneering a system of private accounts in 1981. America rescued its traditional system in the early 1980's by cutting benefits and raising taxes, with the promise that the extra money would go into a trust to finance the baby boomers' retirement....

After comparing our relative payments to our pension systems (since salaries are higher in America, I had contributed more), we extrapolated what would have happened if I'd put my money into Pablo's mutual fund instead of the Social Security trust fund. We came up with three projections for my old age, each one offering a pension that, like Social Security's, would be indexed to compensate for inflation:

(1) Retire in 10 years, at age 62, with an annual pension of $55,000. That would be more than triple the $18,000 I can expect from Social Security at that age.

(2) Retire at age 65 with an annual pension of $70,000. That would be almost triple the $25,000 pension promised by Social Security starting a year later, at age 66.

(3)Retire at age 65 with an annual pension of $53,000 and a one-time cash payment of $223,000.

Posted by Will Franklin · 26 April 2005 11:56 PM

Comments

Our future generations deserve to be freed of this bondage Social Security keeps our country bound to! The Democrats say they are not going to do anything? Social Security reform is just a silly little matter?...Maybe, these elected officials need to have alot more free time on their hands... You're Fired!...That is what we need to tell them!

Posted by: Zsa Zsa at April 27, 2005 08:58 AM