I Hope He Has Unemployment Insurance

by Joe Pulcinella

Obviously not caring about his own career, the White House Chief of Staff, Andrew H Card Jr, had this to say about Social Security (from the Washington Times):

Under no one's plan will younger workers receive benefits they've been promised because the Social Security system doesn't have the financial underpinning, the foundation to support the expectations of Social Security 75 years from now, 50 years from now.

That doesn't sound so appetizing but not too untrue, either. Meanwhile, in the same breath he says:

Let's get smart people like Alan Greenspan involved, and members of the House and the Senate...

Although I always applaud the government admitting that a bungle has occured, I can't put too much faith in them coming up with a viable solution.

Posted 12/20/2004 2:31:19 PM by Joe Pulcinella

Because Mises would tell them that it's not one of their enumerated powers! Bua, ha, ha, ha!

Posted 12/21/2004 1:45:08 PM by Joe Pulcinella

Read yesterdays coverage, even worse is Bush numb-skulled approach to even talking about it. Theyve identified the problem, yes (That Ponzi schemes are bad even when the govt does it) but their approach in solving it, while still remaining good little political hacks, is comically bad. The best was Bush saying he didnt want to negotiate with himself. Who gave him that sound bite? And to the point made above, why would legislators know how to solve this massive financial problem. Why arent they asking the heads of financial industry and economic think tanks (they arent all partisan) and places like Mises what would make sense?

Posted 12/21/2004 12:52:25 PM by sm