Saturday, January 15, 2005

For at least a couple of years, Paul Krugman has been deriding Bush's Social Security privatization plan. His latest column compares it to a similar--failed--Brit attempt.
We must end Social Security as we know it, the Bush administration says, to meet the fiscal burden of paying benefits to the baby boomers. But the most likely privatization scheme would actually increase the budget deficit until 2050. By then the youngest surviving baby boomer will be 86 years old.
Even then, would we have a sustainable retirement system? Not bloody likely.
Pardon my Britishism, but Britain's 20-year experience with privatization is a cautionary tale Americans should know about.

Click here to read his column.

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