The Babe Theory Of Political Movements.
Mar. 21, 2005 11:50 AM
Iran's Sham Election In Houston.
June 20, 2005 5:36 AM
Yes, Kanye, Bush Does Care.
Oct. 31, 2005 12:41 AM
Health Care vs. Wealth Care.
Nov. 23, 2005 3:28 PM
Americans Voting With Their Feet.
Nov. 30, 2005 1:33 PM
Idea Majorities Matter.
May 12, 2006 6:15 PM
Twilight Zone Economics.
Oct. 17, 2006 12:30 AM
The "Shrinking" Middle Class.
Dec. 13, 2006 1:01 PM
From Ashes, GOP Opportunities.
Dec. 18, 2006 6:37 PM
Battle Between Entitlements & Pork.
Dec. 21, 2006 12:31 PM
Let Economic Freedom Reign.
Dec. 22, 2006 10:22 PM
Biggest Health Care Moment In Decades.
July 25, 2007 4:32 PM
Unions Antithetical to Liberty.
May 28, 2008 11:12 PM
Right To Work States Rock.
June 9, 2008 12:25 PM
Social Security Reform Thursday.
March 13, 2008
Caption Contest: Enter Today!
Due: July 29, 2008
The Carnival Of Classiness.
Mar. 14, 2006
Quotational Therapy: Obama.
Apr. 4, 2008
Mainstream Melee: Wolfowitz.
May 19, 2007
Pundit Roundtable: Leaks.
July 9, 2006
A WILLisms.com(ic), by Ken McCracken
July 14, 2006
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Social Security Reform Thursday: Week Sixty-Three -- Lost Time, Growing Shortfall.
Thursdays are good days for reform, because they fall between Wednesdays and Fridays. And reform is a long-haul process, not a fleeting event. So we're going to keep plugging along with the case for reform, even as the issue goes off the political radar screen.
That's why WILLisms.com offers a chart or graph, every Thursday, pertinent to Social Security reform.
This week's topic:
$600 Billion Additional Shortfall.
Over the next 75 years, the shortfall in Social Security will be 4.6 trillion dollars, up 600 billion dollars from last year. All this, according to the 2006 Trustees Report.
Just to visualize the shortfall in graph form, witness the following, adapted from the most recent Social Security Trustees Report (.pdf):
All of these figures are current dollar figures.
What this proves is that we desperately need to fix Social Security, before we waste any more time letting the problem fester. Social Security currently consumes 4.3% of America's GDP; in 2030, it will consume 6.2%. That's substantial, and this proves that failing to reform Social Security until the "last minute" is not an option without negative externalities. Secondly, we can-- at present-- fix Social Security without terrible economic pain; indeed, protected personal Social Security accounts in a modernized system would provide returns far greater than workers receive today, all while making the system self-sustaining and solvent.
It's time for reform.
Previous Reform Thursday graphics can be seen here:
-Week One (Costs Exceed Revenues).
Posted by Will Franklin · 19 October 2006 06:58 PM
Will, many thanks for your continued work dramatizing the worsening size of the Social Security shortfall.
The most interesting development of the last week may be that 130 candidates for Congress have signed the For Our Grandchildren pledge to fix Social Security. http://forourgrandchildren.typepad.com/blog/2006/10/what_a_week.html
The FOG blog notes that the vast majority of those who have signed the pledge are challengers rather than incumbents. Equally noteworthy are that the signers come from both sides of the aisle. This is powerfully suggestive that the entrenched opposition to Soc Sec reform in Washington is based more on politics than on principles. For reasons you and others have cited, serious analyses all recognize that this problem isn't going away, and legislative action will be needed to correct it.
Another noteworthy quote this week comes from no other place than AARP. http://www.montereyherald.com/mld/montereyherald/news/nation/15662321.htm. An AARP spokesperson admitted that, despite claims to the contrary, no one in Washington is seriously talking about "complete privatization," the term used by reform opponents to incite opposition even to modest Social Security accounts within the federally-administered Social Security structure. Previously, Sebastian Mallaby of the Washington Post had noted that "privatization" was an inccurate scare term as well, when applied to reform proposals: http://www.washingtonpost.com/wp-dyn/content/article/2006/10/01/AR2006100100872.html
All in all, an interesting week; more and more voices being heard in recognition of the need to fix the system.
Posted by: Feverishb at October 20, 2006 06:33 AM
Hmmm? Does that mean they are going to bury Soc. Sec.?
Posted by: zsa zsa at October 23, 2006 06:13 AM