Wednesday, March 09, 2005

GAO: no crisis, but you'd better fix it!

From Yahoo AP news:

Social Security "does not face an immediate crisis," the head of the Government Accountability Office said Wednesday, but it does face a long-term financing problem "and it would be prudent to address it sooner rather than later."
If there's no crisis, why is the GAO saying it's better not to wait? They don't consider it a crisis that in 2018, Social Security Administration will start cashing in a few trillion dollars worth of federal IOUs? Who do they think will repay all that debt?

It's a shame Zell Miller isn't a supporter of private accounts. He'd be a great personality to make a speech addressing the debt repayment aspect. Like his famous "spitballs" speech, he could take the case to the American people with that terrific swagger: "Just who will repay that debt, Santa Claus?"
Walker suggested that Bush and members of Congress focus on improving financing for the program, which would not be significantly affected by establishment of personal accounts.
Slap my forehead Homer Simpson-style. Private accounts are the way to improve financing, instead of loaning money to ourselves at interest.
In his opening statement, Rangel declared, "Private accounts will not be on the table if you are looking for bipartisanship."
That's so conciliatory of Charlie "propose a draft but never really mean it" Rangel. He'll be bipartisan, he'll compromise, unless you propose something he doesn't want.
The proposal [of private accounts] has been condemned by the AARP, a seniors lobby, and many Democrats, who argue the system can be tweaked to extend its solvency and that investment accounts are more risky than a guaranteed government benefit.
There we go again, "guaranteed government benefit." Guaranteed only by our wallets and how much our taxes must necessarily increase. Who can seriously argue that it's not a problem how retirees will keep growing as a percentage of our population?


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