Subscribe to BrookesNews’ Bulletin
Paul Krugman lies about social security and slimes Bush
Dick McDonald
This morning the New York Times’ Paul Krugman issues another of his fact-less pre-emptive strikes against Bush’s call to reform Social Security by partial privatization. “Just a few months ago the conventional wisdom was that President Bush would get his way on Social Security. Instead, Mr. Bush's privatization drive flopped so badly that the topic has almost disappeared from national discussion.”
That’s funny, the mainstream media has elevated every bit of nonsense to front page hysteria to avoid any serious investigation of the subject so the self-appointed referee calls the game. There is only one problem. President Bush hasn’t and more than half the public thinks there is a problem.
Paul proves his lunacy with “Many pundits and editorial boards still give Mr. Bush credit for trying to ‘reform’ Social Security. In fact, Mr. Bush came to bury Social Security, not to save it”. He would be right if a 100 percent plan was offered, the whole Ponzi scheme would be scrapped.
He tags that with “Over time, the Bush plan would have transformed Social Security from a social insurance program into a mutual fund, with nothing except a name in common with the system F.D.R. created.” Gee Paul we didn’t know it was an insurance plan. Tell me what is the death benefit when a participant dies at 65?
The man is drowning in the deep end. He wants you to believe that taking 15.3 percent out of your paycheck for 40-45 years is a good investment of the taxpayers’ money. If it is such a good investment Paul, how did Congress run up an unfunded $11 trillion liability to participants?
And how do you explain the fact that a $60,000 truck driver would end up with over $4.8 Million if all his payroll taxes had been invested in S&P-indexed stock-market instruments for 40 years at average returns? Yes Paul, please answer or is it that “You don’t want to know the truth”. What is your degree in again?
Paul knows no limit on how to lie without facts, he states “privatization seems to be dead for the time being”, an outright lie unless you are limited to reading the New York Times. “American people made it clear that they like Social Security the way it is”: sure they will trade a $4.8 million nest egg for a government promise in “New York Times’” minute. “…the administration sells its policies: by misrepresenting its goals, lying about the facts and abusing its control of government agencies”, which really tells Paul’s story, not the Administration’s.
Then Paul jumps in with both feet; he encourages the Democrat Party to seize the day by trumpeting Bush’s failure in Iraq and salting it with public’s rejection of privatizing Social Security. Just a minute now, did anyone hear a “plan”? May Paul sink like the sun in the West and fade from memory. And this fall may the public be enlightened that they can make the poor, rich and fulfil man’s dream of independence from government.
Dick McDonald can be found at
The Right Scale
BrookesNews.Com
Monday 22 August 2005