krugman.blogs.nytimes.com - 1/7/2009
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What would have happened if George W. Bush had actually succeeded in his plan to privatize Social Security? Ask the Italians.
Italy did for retirement financing what President George W. Bush couldn't do in the U.S.: It privatized part of its social security system. The timing couldn't have been ...
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Blog Reactions
Social Security 'Reform': the Undead Return
Angry Bear —
... some exasperation: The article includes a comment about "the looming challenge of skyrocketing Medicare and Social Security spending. " Of course Social Security spending is not projected to skyrocket. It is projected to increase gradually, and its costs are fully covered by its own tax stream until 2048, according to the Congressional Budget Office's latest projections. In a related note Paul Krugman poses the question in a Jan 5 post A Bullet Dodged What would have happened if George W. Bush had actually succeeded in ...
Italians slapped down by privatizing Social Security
Crooks and Liars —
... profit.
Prime Minister Silvio Berlusconi’s administration is now considering ways to compensate as many as 1.2 million people who made the switch, giving up a fixed return for private plans linked to financial markets. It’s also letting people delay redemptions on retirement funds to avoid losses after Italy’s benchmark stock index fell 50 percent in 2008, destroying 300 billion euros ($423 billion) in wealth...read on
(h/t Paul Krugman)
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