FactCheck.org Needs A Head Check
FactCheck.org Needs A Head Check
The more you think about FactCheck.org’s recent attack on Campaign for America’s Future (CAF) for suggesting Wall Street would profit handsomely from Social Security privatization, the more ridiculous it becomes.
Let’s set aside for a moment that FackCheck’s entire criticism is based on an entirely false comparison between Bush’s plan and the Federal Thrift Savings Plan (TSP). Let’s also set aside that the numbers CAF used came from an organization that supports Bush’s plan.
It still makes absolutely no sense.
FactCheck admits “TSP had previously refused to say how much it paid financial companies,” the key figure they use to attack CAF’s advertisement. FactCheck.org only obtained the info in a recent conversation with a TSP spokesman. In other words, FackCheck.org is criticizing CAF for not taking into consideration data that didn’t exist when they made the ad.
So even if the data was relevant (which it isn’t), FactCheck.org’s complaint would still be invalid.
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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 pm
in Polit [...]
I think we need to start an online campaign calling for Brooks Jackson’s resignation.
March 4th, 2005 at 2:31 pmSocial Security Reform: A Free-Market Alternative
http://www.mises.org/fullstory.aspx?Id=1751
By George Reisman
[Posted February 21, 2005]
Considerable public discussion and debate now rages over Social Security and how to reform it. As the system currently stands, as early as 2018, it will be necessary to finance a growing portion of its outlays to retirees by means of outside sources of funds, since at that point the sums paid into the system in the form of payroll taxes will begin to fall short of the sums it is obligated to pay out. What will bring this about is a substantial increase in the number of retirees, who draw from the system, relative to the number of workers, who pay into it.
Some observers believe that the difficulties faced by the system will not begin until later, in 2042 or 2052. Between 2018 and that time, they believe, the system can draw down its vast accumulations of United States Government securities, which it has acquired over the many years in which it took in more in payroll taxes than it has had to pay out.
I believe that 2018 is in fact the time when the difficulties will begin. The reason is that the government securities held by the Social Security system are not any kind of actual asset. They are a claim against the US Government to pay money that it does not possess and which it cannot obtain in any way other than by raising taxes, borrowing from the public, or inflating the money supply. Probably, just as has been the case many times since the system was established seventy years ago, social security payroll taxes will be increased one or more times again between now and 2018, and that will provide the funds. In other words, the tax system of the United States will come to resemble that of Sweden more than it does now.
Perhaps to avoid such further payroll tax increases, President Bush has put forward his proposal to partially “privatizeâ€? the system. According to the President’s proposal, workers below the age of 55 will be allowed to have a portion of their and their employers’ contributions to the system invested in stocks and corporate bonds rather than in United States Government bonds. The presumably higher rate of return they will earn thereby will supposedly reduce the need of the government to rely on Social Security taxes in the future as the source of meeting its pension obligations.
March 6th, 2005 at 3:08 pmThe key problem in your statement is “PRESUMABLY”. Since the DOW, S&P and NASDAQ are all lower than they were 5 years ago I am not so certain that is at all presumable.
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