Tuesday, December 7, 2004
Bait And Switch
Kevin Drum is having a hard time finding a scenario where the economy would grow fast enough for private Social Security accounts to provide enough benefits to retirees, but slow enough that Social Security would be insolvent without privatization. In other words, if Mr. Bush’s plan would work, so would the existing system, and if the existing system can’t provide enough benefits, neither will Mr. Bush’s plan.
He is calling it “smoke and mirrors.” I call it “bait and switch.”
