Sunday, October 30, 2011

The Con

Basically, here's how Pete Peterson's lickspittles and their fellow travelers at the Post and elsewhere present it. You can't run Social Security as a pure pay as you go system, as it will be teetering into "bankruptcy" (not really) every year. You also can't run it by prefunding it by investing in Treasuries, because the instant Treasury interest starts covering current payments the system will be in crisis. It will also be in super double extra triple quadruple crisis the instant the Trust Fund starts selling some of those Treasuries that it owns to pay benefits. It will then be in "granny must sell her organs" Defcon 0 crisis when the system can only afford to pay 80% of schedule benefits without tapping general funds.

The only solution is to Logans Run everybody at age 65 after collecting a lifetime of payroll taxes from them. Except Pete Peterson (aged 85) and certain other special people

And, no, sensible liberals, there is no way to make this "debate" go away with some "grand compromise." Fake news articles like this should make that clear. The rich want that Social Security money, it's how they guarantee themselves a lovely tax cut.