I was looking for a succinct summary of the Social Security ballyhoo and, as usual, Krugman has it here:
A few weeks ago I tried to explain the logic of Bush-style Social Security privatization: it is, in effect, as if your financial adviser told you that you wouldn't have enough money when you retire - but you shouldn't save more. Instead, you should borrow a lot of money, buy stocks and hope for capital gainsThen there is more:
So people are expected to take a loan from the government and use it to buy stocks, and if that turns out to have been a mistake - well, too bad.If this idiocy gets through Congress in the present form, as well it might, we will be entitled to all the scorn intelligent life elsewhere can heap upon us.
Do you believe that we should replace America's most successful government program with a system in which workers engage in speculation that no financial adviser would recommend? Do you believe that we should do this even though it will do nothing to improve the program's finances? If so, George Bush has a deal for you.
Maybe the Creationists are right: God blessed America with dumbness and it ain't going to change.
(Oh, and I have a Bridge for sale)