Rolling Stone on the Non-Social Security Criisis They interview Krugman to fact-check W.
Actually very clear and informative. http://tinyurl.com/5pwlm The Economic Policy Institute also referencing economists at Goldman Sach also fact check the likely replacement plan in more clear writing and charts. http://www.epinet.org/content.cfm/webfeatures_snapshots_12222004 Their conclusion: the appeal of private accounts is being used to cover deep cuts even with the return from overly optimistic private accounts. Economists at Goldman Sachs project total benefits including the private accounts would be cut 42% because the personal accounts would only make up half what the new plan is projecting. Goldman Sachs "economists have estimated a more realistic risk-adjusted return of 2.7% on personal accounts, far less than the 4.6% used by the commission. They find that a medium income, one-earner couple in 2075 would receive $600 a month in annuity income from a personal saving account-barely half as much as the $1,167 projected by the commission. When added to the $1,156 guaranteed benefit proposed by the President's commission, that generates a monthly total of $1,755â42% less than the $3,009 anticipated under Social Security current law. That's a much larger reduction than the 23% cut under the commission's overly optimistic assumptions." Gary Denton _______________________________________________ http://www.mccmedia.com/mailman/listinfo/brin-l
