Now, a couple of Ivy League social scientists have graciously offered their lofty opinions on the Social Security “crisis” under this catchy headline: “Social Security: It’s Worse Than You Think.” Their bleak assessment highlights the troubling demographics of longevity—people are not dying fast enough and government projections don’t fully account for their increasingly longer lives. The Ivy Leaguers came up with an $801 billion price tag to make up the difference between government models and their dire forecast.
That’s almost a trillion dollars!
“Almost a trillion dollars” is exactly the sort of high-impact rhetorical ammunition valued most by opponents of the New Deal as they dutifully wage their multigenerational fight against Social Security. Even better, the authors of this latest epitaph warn us that “tough choices have to be made.” In DC-speak that translates into “putting everything on the table” and “showing real leadership” and “hammering out a compromise.”
Their “solutions” focus predictably on raising the retirement age (because forcing 70 year-olds to keep working will do wonders for the lagging employment market), or cutting back benefits (because the cat food industry isn’t profitable enough as it is), or raising taxes on those unfortunates who earn a paycheck instead of reaping regular windfalls from stock dividends and trust funds (because they aren’t “job creators” with friends in Congress).
It is a big and never-ending con game. And they want to gut Social Security and show up ever year supposedly to 'help.'
I think Sottile hits hard, I don't think it's going to be absorbed.
This is C.I.'s "Iraq snapshot" for Wednesday: