Wednesday, January 26, 2005

Oops! I was only off by a couple of decades

I just came across this at Josh Marshall's place. To be fair, Social Security did almost go bankrupt in 1982... but we kinda fixed it so I wouldn't worry. Greenspan even took into account how many people would be paying into the system when they came up with the Trust Fund fix. Bush is pretending like it was something we just realized last week. I asked one of my friends what they thought he said in 1978 and my friend's quote: "Whoa I'm totally wasted on blow right now. I'm about to take off in my '78 Gremlin with denim interior and go party." But SS didn't go bankrupt in 1988 and it's not going to go bankrupt anytime in the next 100 years. We might have less money starting in 2042 (or 2053), but that is still going to be more money than if we indexed to prices and started using private accounts, so I'm not seeing Bush's penchant for fuzzy math really working for him here.

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