Bad Faith on Social Security (NYT)

the NYT is wrong as usual.

Bush is wrong, too, however.

There's no actual problem with SS. All that has to happen is that the retirement age for receiving benefits has to rise with longevity.

Simple.

Problem solved.

Don't reduce benefits, just raise the age.

What the program is good for is an inflation-adjusted annuity so that you cannot outlive your savings.

Most people will die early. Many will wind up needing it. That's how it's an insurance policy. The risk is spread.

There is so much money involved that everybody has some other interest, however. This requires some leadership, and, even before that, some understanding.

That may be too much to expect.


Either President Bush still hasn't figured out that private accounts are a political nonstarter, or he's hoping to use them as a bargaining chip in future negotiations.