The Left Slam Dunks Bush's Social Security Reform

I went to bed last night thinking, "Gee, isn't it swell that Bush is actually going to do something about the long-term insolvency of social security." Of course, I was extremely uncomfortable with the fact that he would have to add another couple trillion dollars to the national debt to do it, but I was hopeful that maybe that number could be too high. At least the guy was willing to stick his neck out in the name of progress.

But then I woke up today and read this (not necessarily in that order).


Money quotes:

President Bush continued pushing the idea that there is a "crisis in Social Security" a misconception repeated uncritically by major news stations. But a 2004 report prepared by several Bush appointees said that while "the financial difficulties facing Social Security" should be addressed "in a timely manner," the program's assets are in little danger of running out before 2042.

and

A study published in September by University of Chicago business school professor Austan Goolsbee "predicted Wall Street could collect $940 billion or more over 75 years [from the privatization of soc. sec.], an amount he called the largest windfall in American financial history.