Saturday, May 07, 2005

We'll cut your benefits, but pay them in advance

David Brooks is sermonizing against Democrats today. His complaint? Sermonizing Democrats.

Brooks thinks Bush has "called Democrat's bluff" and "stolen the Democrat's ideas" by proposing to cut middle class Social Security benefits.

I can't for the life of me recall when Democrats, during their fifty years of controlling congress, tried to turn Social Security into a welfare program, which is what progressive indexing would do.

And I sure can't remember Democrats offering folks at the top the opportunity to grab their Social Security benefits up front, while the government still has some money to offer, which is what the combination of progressive indexing and debt-financed privatization would do. Folks at the top would have practically all of their benefits paid in advance, because of the way "clawback" works. Meanwhile, the government would take on $Trillions of dollars of debt to finance paying not only current retirees but also the 18 to 62 year old's benefits.

We'd be left with a welfare program and a government reeling in debt. Is there really even any question where that would lead?


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