Wednesday, November 21, 2007

Why Social Security "Reform" Can Wait

I forgot Steve had invited me to post this week, and I went ahead and posted to my own blog this morning. So, as the next best thing, I link to it here.

The main point to take away is that the conventional wisdom (i.e., what the Very Serious Wisemen of Washington, D.C. think) says that Social Security "reform" (cuts, tax increases, etc) must start sooner rather than later, so that the magnitude of those changes will be smaller and be more evenly spread across the population, and so as to allow sufficient time for people to incorporate changes to Social Security into their retirement plans.

But whatever merits this position has in theory is more than offset by the fact that any gains from such a policy would only go towards continuing the reckless fiscal policy of most of the last two decades--using regressive payroll taxes to fund upper income tax cuts and deficit spending.

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