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Obama Caves on Social Security

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Image from a quicklink President Obama reportedly is unveiling a budget using the chained CPI inflation measure to cheat elderly Americans out of the benefits they were promised. In two previous posts I've explained the perversity of the current debate about Social Security. The tax-favored private components of America's mixed private-public retirement system -- programs like employer pensions, 401Ks, and IRAs -- are inefficient, volatile, and subject to manipulation by overcompensated, fee-extracting money managers. In contrast, the Social Security program is simple and efficient, and has low overhead costs. And yet the bipartisan establishment, including many "progressive" Democrats as well as Republicans, wants to cut Social Security -- the part that works -- and expand tax-favored private savings, the inefficient, unstable, and inequitable part.

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At www.salon.com

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