More Fact Checking FactCheck
More Fact Checking FactCheck
Factcheck.org takes issue, specifically, with Campaign for America’s Future’s statement in newspaper ads that the securities industry will benefit “to the tune of $279 billion” from Social Security privatization. But Campaign for America’s Future was quoting a figure from a study by the Securities Industry Association (SIA), which stands to benefit from privatization, has campaigned for it in the past and lists an agenda almost identical to President Bush’s.
Factcheck says CAF “should have used” a figure closer to SIA’s low estimate of $39 billion. But that claim is based on Factcheck’s erroneous assumption that administrative costs for President Bush’s plan would be the same as those for federal Thrift Savings Plans.
In fact, CAF was already giving President Bush the benefit of the doubt. A truly independent study published in September by University of Chicago business school professor Austan Goolsbee predicted Wall Street management companies would receive $940 billion or more over 75 years from the President’s plan. Even if that number is inflated, Factcheck admits private accounts could lead to “the possibility of huge profits being on the table” for Wall Street, should Congress allow owners of private accounts to choose from a wide variety of managed funds. And that option, like so many other, is still “on the table.”
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Think Progress has ripped FactCheck.org a few new ones lately. And there was much rejoicing. (They write other good stuff, too.
March 4th, 2005 at 8:58 pmPosted at 3:57 [...]
We need to stand up to the right-wing. They say because everything is “on the table” we just need to assume they’ll come up with the best solution. That’s BS. We have the right to point out all the things that could (and will) go wrong.
March 4th, 2005 at 2:35 pmPrivatization = Higher Taxes
Jeffrey Tucker
http://blog.mises.org/blog/archives/002861.asp
Having ruled out higher payroll taxes (for now), the Bush administration is now dropping hints that it will consider other revenue changes to fund “privatization” (a word that seems to cry out for scare quotes these days), e.g. raising the ceiling on income subject to SocSec taxation. (ABC News via MargRev). The biggest hint comes the White House Chief of Staff Andrew Card: “Let’s get smart people like Alan Greenspan involved.”
Hmmm, like this? In 1983, Greenspan’s recommended legislation “moved tax increases scheduled for the future into the present, raised self-employment taxes, taxed benefits for single people with incomes of $25,000 and couples with incomes over $32,000, expanded the program to new federal employees, and prohibited state and local government employees from leaving the system. The reform delayed one cost-of-living increase, but this was more than outweighed by the onerous tax increases.”
March 6th, 2005 at 3:06 pmIn fact, CAF was already giving President Bush the benefit of the doubt. A truly independent study published in September by University of Chicago business school professor Austan Goolsbee predicted Wall Street management
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