But the “everyone” who knows that Social Security is doomed doesn’t include anyone who actually understands the numbers. In fact, the whole Beltway obsession with the fiscal burden of an aging population is misguided.The real reasons are shrouded in half-truths and convenient lies by politicians who don't know otherwise and are too stupid to think for themselves.
As Peter Orszag, the director of the Congressional Budget Office, put it in a recent article co-authored with senior analyst Philip Ellis: “The long-term fiscal condition of the United States has been largely misdiagnosed. Despite all the attention paid to demographic challenges, such as the coming retirement of the baby-boom generation, our country’s financial health will in fact be determined primarily by the growth rate of per capita health care costs.”
Monday, November 19, 2007
The Real Issue with Social Security
In further proof that most people have absolutely no idea what they are talking about... I give you Social Security. The discussion around this government program strikes me as similar to the discussion that surrounded "global warming". Here is an excerpt from Paul Krugman's article in the NY Times: