Today, the Washington Post editorial page shills for President Bush’s Social Security privatization scheme. They try to make a tortured argument that private accounts will help solve Social Security’s long term deficits — a position even the administration has given up defending.
The Post argues that while the accounts themselves do nothing to improve Social Security’s financial situation, they will make people more willing to accept a benefit cut. According to the Post, potential gains in a bull market “would cushion the shock of any separate benefit cut imposed to fix the solvency problem.”
In other words, we should stop worrying about the economics of Bush’s plan and start paying more attention to its psychological benefits.
Sounds like the Post editorial page really has a handle the Social Security issue. Just like they did on WMD. Flashback to June 4, 2003:
It still is possible — we’d say probable — that weapons will be found… Many critics of the war have rushed to the conclusion that Iraq never had weapons of mass destruction and that the Bush administration falsified or deliberately hyped the evidence. This seems unlikely on both counts.