April 13, 2003
Social Security Found Fiscally Sound. As Usual.

Thanks to a multimillion-dollar disinformation campaign by Wall Street and its wholly-owned subsidiary, the Republican Party, hardly an American now alive believes that the Social Security fund won’t be flat broke by next Tuesday.

It’s always a relief, then, when the trustees’ annual report comes out and repeats once more that the fund is in better shape than it was the year before.

Not that many people are likely to notice. For once more the story has been virtually ignored by the press. No great surprise, since the headline the Bush people put on this year’s news release was, “Social Security Not Sustainable for the Long Term.” Of course this could be said about life itself, too. Nevertheless it looks like Social Security is going to be around a lot longer than you are — unless George W. Bush has anything to say about it.

Fred Brock’s column in today’s Times lays it all out. Forward it to your brainwashed friends.

(In posting this, it occurred to me that I had written about these annual reports more fully a couple of years ago. For whatever interest it may still have, here's a link to that longer piece, done on the occasion of Mr. Bush's first attempt to bury the good news about Social Security and Medicare: Download file)

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Posted by Jerome Doolittle at April 13, 2003 03:06 PM
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Whether Social Security is in dire shape or everything is peachy depends on the future assumptions you make... you can spin the numbers wildly in either direction depending on which political axe you happen to be grinding.

Posted by: C. Maoxian on April 15, 2003 4:52 PM

Right you are, Chairman -- and this is because of the long time periods each side uses for projections. Anything based on numbers more than 5-10 years out is ludicrous to contemplate.

No one thinks that Social Security or Medicare is in trouble in the short 5-10 year run. The take-away message is thus Social Security in fact does NOT need to be fixed. Call me again in 5-10 years.

Posted by: on April 15, 2003 5:16 PM
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