Sunday, December 26, 2004

Kinsley's Proof

Michael Kinsley, the opinion editor for the Lost Angeles Times, has been trying to get people to find flaws in his proof of how Social Security privitization cannot work. But, as Kinsley explains in the Sunday Outlook section of the Washington Post, there have been no satisfactory challenges to his theorem. The silence, as they say, is deafening. It appears that no one has been able to counter Kinsley's very simple, economically sound argument. One would hope that Congress is paying attention to people like him and that our elected officials, like Rep. Ford (D-TN), would take time to consider what Kinsley is saying.

I single out Ford because there appears to be a significant number of Democrats in Congress who, at least through their statements and past actions, appear ready to support Social Security privatization. I understand that the Democrats are in a worse position on the Hill than they were before, but this does not mean they should endorse a seriously flawed Republican policy proposal to score political points. I cannot imagine that these Democrats actually have a lot of faith in privatization, so I can only think that this is their objective. I do think there are areas in which Democrats can cooperate with Republicans, but this is definately not one of them. It threatens to add more to the already gargantuan debt, and it will offer at best no change in the economic rewards a person receives from the program (more likely people will lose money investing it unwisely).

Or am I missing something?

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