Kevin Drum gets shrill about the Republican drive to phase out Social Security:
“It’s not stock market returns these guys care about, it’s an ideological drive to get the government out of the safety net business and force individuals to bear ever more risk in their daily lives. Don’t ever forget that.”
Shrill, and good for him. He’s absolutely right.
And by the way – if the economy is doing well enough for the stock market to provide the returns necessary for the this Republican scheme to pay off, then it is performing WAAYYY better than needed to keep the current Social Security system solvent forever. The Right-wing claim that Social Security is in trouble — which doesn’t even start to happen until 2042 — requires that the economy only grow a 1.9% average rate. And even if that worst-case scenario occurs only a small adjustment is needed to fix things. That’s the “crisis.”
But if we put Social Security into stocks, and the economy only perfors at a 1.9% rate … everyone loses their retirement!