Just when one thinks everybody has gotten the message about the big problems facing Social Security, along comes John Tamny with a piece entitled “Let’s End the Myth About Social Security’s Looming Bankruptcy.” Really? Let’s go over the basics once again.
To his credit, he starts with a denunciation of Social Security. It was, he says, “always a terrible idea for countless reasons.” Yes! It was a terrible idea because it treats us all as dummies, unable or unwilling to provide for our own retirement. Because it tells us we have an “account” with the System, thereby fostering the illusion that our savings have been husbanded in a safe place where they will be available to us upon retirement. Because it provides returns that lag behind what prudent private investments return. Because even miniscule reforms, like tweaking the index used to calculate annual inflation increases, raise howls of protest from the likes of AARP.