Saturday, August 28, 2004

I open the newspaper this morning and the first thing I see is that "Greenspan Would Revise Promises to Baby Boomers"--in other words cut retirement benefits. I know that's not necessary. Early last March, Krugman gave me the skinny on this corrupt old man, and it makes my teeth ache to see the Fed chairman still peddling the same nonsense. Here's a synopsis of Krugman's column, "Maestro of Chutzpah":
Greenspan really likes to stick it to the poor and middle class: First, he wants to raise the regressive payroll tax in the 1980s to create Social Security surpluses. Then he promotes the regressive Bush tax cut in 2001 since he thinks those surpluses are too large. Finally, in 2004, he wants to cut Social Security benefits now that the Bush tax cuts will eat up too much of that surplus.
Please don't settle for the synopsis. To read one of Krugman's best, click here.
And today I'm throwing in a twofer. Krugman's followup column on social security and Medicare says:
After Alan Greenspan's call for cuts in Social Security benefits, Republican members of Congress declared that the answer is to create private retirement accounts. It's amazing that they are still peddling this snake oil; it's even more amazing that journalists continue to let them get away with it. Yesterday in The Wall Street Journal, a writer judiciously declared that "personal accounts alone won't cure Social Security's ills." I guess that's true; similarly, eating doughnuts alone won't cause you to lose weight. Why is it so hard to say clearly that privatization would worsen, not improve, Social Security's finances?
Here's the link to that column.
You may think you don't have time to read two links, but these two columns ought to be required reading for every progressive. If I were still teaching, I'd tell the class, this info WILL be on the test. Know it.

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