Mostly rational politics, with occasional rants about how a few crazy Republicans are ruining the country.
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Monday, May 09, 2005
Krugman puts it right
I haven't addressed social security too much lately in this space, but today's Krugman column is too good to pass up. He boils it down to this:
...Let me deal with a fundamental misconception: the idea that President Bush's plan would somehow protect future Social Security benefits.
If the plan really would do that, it would be worth discussing. It's possible - not certain, but possible - that 40 or 50 years from now Social Security won't have enough money coming in to pay full benefits. (If the economy grows as fast over the next 50 years as it did over the past half-century, Social Security will do just fine.) So there's a case for making small sacrifices now to avoid bigger sacrifices later.
But Mr. Bush isn't calling for small sacrifices now. Instead, he's calling for zero sacrifice now, but big benefit cuts decades from now - which is exactly what he says will happen if we do nothing. Let me repeat that: to avert the danger of future cuts in benefits, Mr. Bush wants us to commit now to, um, future cuts in benefits.