My Home About Me

Oh, yes, AARP is such a friend of Social Security reform. The self-serving organization that did more than any other in 2005 to poison sentiment on reform is now says "they will push hard to revamp Social Security to maintain the social insurance program?s solvency and fiscal health." But here's how they'll do it -- with C%3A%5CDocuments%20and%20Settings%5CDonald%20L.%20Luskin%5CDesktop%5C20070220aarp.doc>a bogus push-poll designed to take the idea of personal invesment accounts off the table. How do you like this? Every potential reform other than personal accounts is presented as something that could help. Personal accounts get "pro" and "con" arguments, both salted with negative editorial commentary. The "con" version says: "I do not think that is a good idea if it will cost the federal government nearly $1 trillion (depending on the plan) for the first ten years and more after that..." The "pro" version says "Even though it could cost the federal government nearly $1 trillion dollars for the first 10 years and even more than that to set up..." The truth is that personal accounts wouldn't cost anybody anything beyond the commitments the existing system has already made -- they just make today's costs explicit, rather than allowing them to remain hidden in Enron-type off-balance sheet accounting. And when it comes to "add-on" accounts, there is no mention at all that "add-on" accounts and "auto-IRA" accounts, unlike the proposed personal accounts, would be a totally additional out-of-pocket outlay from workers, and would do nothing to pre-fund current Social Security obligations or to reduce cost burdens on future generations.

Every word is calculated to favor tax increases, and disfavor the realistic reining in of programmed benefit growth. Look at question R10: "Do you preter 'benefit cuts' or 'revenue enhancements'?" No mention that only a deceleration of benefit growth is required to stabilize the systen, not outright cuts. Meanwhile, tax increases masquerade as "revenue enhancements."

I'm sure glad that when I get old and feeble-minded this classy organization will be looking out for me -- and figuring out how to screw all the young people in America for my benefit, with whatever lies it takes.

bailout   Basic Materials SPDR (XLB)   bond trading   bond yields   capitulation   climactic   commodities   credit crisis   Currency ETFs   day trading   Deron Wagner   DJIA chart   economic data   Emini's Nas 100   emini's S&P 500   emini's S&P 500e   ETFs (exchange trade funds)   ETFs (exchange traded funds)   Gold Miners ETF (GDX)   Japanese Yen ETF (FXY)