I’ve noted repeatedly that the estimates of Social Security’s demise are based on pessimistic assumptions (although Medicare-related estimates are even worse). Well, here’s a blast from the past by José Pinera who, in 1997, was the “co-chairman of the Cato Institute’s Project on Social Security Privatization” (the Cato Institute is a libertarian think tank):
America’s Social Security system will go bust in 2010. As political leaders scramble to save it, they’ve overlooked an obvious free-market solution that works. They need only look at Chile.
I would argue that if someone can’t get the supposed failure of Social Security right–which is nothing more than an actuarial accounting issue–you might want to ignore their awesome libertarian scheme to fix it. Especially since it’s not necessary.
mikethemadbiologist
“I’ve noted repeatedly that the estimates of Social Security’s demise are based on pessimistic assumptions”
No, they are propaganda, pure and simple. Social Security is secure, except from the people who want to destroy or weaken it.