Washington Post Jihad On Social Security Continues

News of the housing crash and stock plunge has not yet reached the Washington Post (a.k.a. "Fox on 15th"). How else can one explain that two of their five deficit cutting measures involve reducing Social Security benefits. Certainly no one who had noticed the $15 trillion in lost housing and stock wealth by older workers and retirees would advocate taking away part of their Social Security, their one clear source of support in retirement. This suggestion is especially outrageous since workers have already paid for these benefits through their Social Security taxes. As a result, the Social Security trust fund has accumulated enough bonds to cover benefit payments through 2049, according to the most recent projections from the Congressional Budget Office. It would be far more reasonable to suggest a partial default on the government debt, say a payment of 90 cents on the dollar. That would allow all bondholders to share the pain rather than just retired workers.

--Dean Baker