Tuesday, April 12, 2005

The Democrats' Plan for Social Security

Well, a Democratic politician has finally come out and admitted it. Since they oppose private accounts, benefit cuts, means-testing, a raise in the retirement age, and just about every other plan to deal with Social Security's budget crisis—what do they plan to do? The solution is easy, says New Jersey Senator Jon Corzine: we'll just print money—and "solve" the crisis through massive, runaway inflation.

"Stop the Presses," Deroy Murdock, National Review Online, 4/12/05

"President George W. Bush traveled April 5 to Parkersburg, West Virginia, to visit the so-called Social Security Trust Fund: a filing cabinet filled with paper. 'There is no trust fund—just IOUs,' backed by no economic assets whatsoever, Bush noted. Senator Jon Corzine (D, NJ) called the president's remarks misleading. In a conference call with journalists, Corzine said: 'US Treasury securities have the ability to be paid under any circumstances based on the ability of the government to print money.' While Corzine's press secretary denies this comment was a concrete proposal, at this writing, the senator proudly highlights this quote on the front page of his website. So, as Corzine sees it, come 2041, when the federal government's plunging tax revenues will cover only 70 percent of its exploding pension obligations, Washington will trigger Treasury Department printing presses to finance Social Security checks."