Saturday, March 08, 2008

McCain - Improving Socialist Security

Ramesh Ponnuru at NRO argues that the distinction between "add-on" supplemental private accounts for Social Security and the earlier Bush "carve-out" position is academic at best. McCain is now in favor of add-on accounts, and I'm basically OK with that.

The lack of a distinction comes down to this truth: the future value of one's Social Security entitlement is going to go down.

The carve-out plan is explicit about this. Conservatives, usually ones for being up-front on economic matters, were drawn to this idea naturally. The add-on plan is duplicitous in that it just hides the carve-out amid the gradual erosion of the real value of the Social Security payout.

Po-tay-to, Po-tah-to.

No comments: