Thursday, February 10, 2005

"A Very Bad Deal for Workers"

I honestly can't figure out if the National Review editors have any idea what they're talking about. There's a distinction between "keeping your entire social security benefit and having your personal account reduced" and "keeping your entire personal account and having your benefits reduced" but it's a distinction almost without a difference. The only difference is the the amount of money over the mandatory annuity amount would be greater, possible leaving you with modest amount of money over which you actually have some discretion. But, I dare anyone to explain how the former is a "very bad deal for workers" and the latter is a great deal.