Re: [Pen-l] Obama going after full privatization of Social Security

[Carl Dassbach <dassbach@xxxxxxx>]

You should add that one of the premises was that people would invest these individual accounts in the "booming" stock market!!!!!!

CHAD

Max Sawicky wrote:

Sure.  The deal was to divert payroll taxes into individual accounts
and cut benefits.  Bush was always vague about the benefit cuts.  The
extent of the implied changes were documented in detail by Jason
Furman, who is now Larry Summers' major-domo in the WH.

http://www.cbpp.org/4-29-05socsec.htm

The worst we could safely predict from Obama is laid out in Orszag's
book with Peter Diamond, which is a variation on preserving SS while
eliminating the projected Trust Fund shortfall with limited benefit
cuts and tax increases.  I don't favor that, but we could do a hell of
a lot worse.  With Bush we would have.




On Wed, Feb 25, 2009 at 12:17 PM, Louis Proyect <lnp3@xxxxxxxxx> wrote:
  

Max Sawicky wrote:
    

The Bush description is an IRA, albeit under a very different
arrangement.  What was different is that Bush yoked this proposal to a
gutting of social insurance, rather than an augmentation of it as per
Ghilarducci.
      

Could you be more specific about the "gutting" or are you simply ascribing
ulterior motives to Bush. Speaking for my unrepentant self, I have no
reasons not to ascribe the same motives to Obama.
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