The Free Lunch Bunch

New York Times ^ | 1/21/2005 | PAUL KRUGMAN

[liberallarry]

Peggy Noonan characterizes Bush's speech as little more than unrealistic, idealistic babble. Combine that with Krugman's article and you get the same old political charlatans selling a different brand of baloney.

[Richard Kimball]

NYTimes hit piece on Bush. Boy, they've never done that before.

[JennysCool]

"We have a great opportunity now to take action now to avert a crisis in the Social Security system. By 2030, there will be twice as many elderly as there are today, with only two people working for every person drawing Social Security. After 2032, contributions from payroll taxes will only cover 75 cents on the dollar of current benefits. So we must act, and act now, to save Social Security." -Bill Clinton, February, 1998

Krugman should learn to use Google.

[dead]

If people are rightly skeptical about claims that Social Security faces an imminent crisis…

I forgot the magical money fairy was going to show up in 2025 and fill the coffers to the brim with dollars and moonbeams.

What a jackass, as always.

[PeterPrinciple]

Anyone here expect or want the government to take care of them in their old age?

[PeterPrinciple]

Anyone here expect or want the government to take care of them in their old age?

[liberallarry]

Anyone here expect or want the government to take care of them in their old age?

For the last 60 or 70 years Social Security (the government) has provided the working poor with a safe, reliable retirement safety net. That's a hell of a lot better than Wall St. ever did...or will ever do.

[snowman1]

What are they talking about, the bastards have raped the trust funds, since FDR made it mandatory, and they've borrowed to cover it for 6 decades.

[Edgerunner]

Krugman remains consistently screwy. Why is this guy writing in public? He must believe he is smarter than most of us think. Glad he only writes!
(the guy disgusts me, he can't look an honest man in the eye)

[cinives]

One is that the diversion of revenue into private accounts doesn't have to lead to government borrowing, that the money can come from, um, someplace else.

Hellooooooo out there ! The money does come from someplace else - it's called right out of my paycheck ! What a dimwit. The gov would need to borrow to cover the empty promises it made to older taxpayers, not the ones that would start investing in private accounts. And as the older SS recipients die, the borrowing would eventually cease.

[chs68]

"For the last 60 or 70 years Social Security (the government) has provided the working poor with a safe, reliable retirement safety net."

"The Government" has provided a safe, reliable retirment safety net??

Here's a question for you:

Just who funds "The Government"?

[liberallarry]

Just who funds "The Government"?

Here's a project for you; see if you can answer your own question.

[chs68]

"Here's a project for you; see if you can answer your own question."

.....(Thinks for 2 seconds)....

OK.

I have my answer.

What's yours?

[liberallarry]

Social Security is a mandatory insurance program in which the insurance company invests exclusively in government bonds. Krugman is saying that's much more reliable than private investments in stocks. That's true without a doubt...and has become truer as stocks have become more costly.

Perhaps the insurance company business model should be adjusted (the retirement age raised). Perhaps insurance company funds require better protection (their use to fund other government projects should be prohibited). Perhaps, perhaps, perhaps.

But going to privatisation is a scam.

[Edgerunner]

Can I get in on this? let me think...
I got it! The government prints up any money it needs!
Gosh, that would be swell...but somebody has to pay for the ink and paper! shucks, thought I had it...

[liberallarry]

thought I had it...

Not even close. Not even clever.

[Edgerunner]

Thank you That means a lot coming from you O clever one!

[liberallarry]

My substantive comments are in Posts 1,7,14. That's three more than you've posted. Saying that I'm more clever than you is like saying that the sun will rise tomorrow.

[Redleg Duke]

Yeah! That took the burden of thinking and making decisions and being responsible off of them.

[Redleg Duke]

If that is your definition of "substantive", I want to stay far away from the bridges you have built!