Monday, January 17, 2005

Allies on the Social Security Front

Well, distinguished Yale Law School professor Jack Balkin agrees with me that the social security system isn't in crisis and that privatization isn't the way to go. Balkin quoting Harold Meyerson:
Social Security is on a sounder footing now than it has been for most of its 70-year history. Without altering any of its particulars, its trustees say, it can pay full benefits straight through 2042. Over the next 75 years its shortfall will amount to just 0.7 percent of national income, according to the trustees, or 0.4 percent, according to the Congressional Budget Office. That still amounts to a real chunk of change, but it pales alongside the 75-year cost of Bush's Medicare drug benefit, which is more than twice its size, or Bush's tax cuts if permanently extended, which would be nearly four times its size.

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