Monday, February 07, 2005

There Is No Crisis

Michael Kinsley proves that Bush's Social Security scheme is not only a scam, but mathematically destined to fail:

The usual case against privatization is that (1) millions of inexperienced investors may end up worse off, and (2) stocks don't necessarily do better than bonds over the long run, as proponents assume. But privatization won't work for a better reason: It can't possibly work, even in theory.

Read the rest of the proof. I'm sold.

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