Jul 9, 2008

John McCain Is An Absolute Disgrace

So, John McCain thinks that the Social Security system is, and has been since its beginning, a disgrace. Moreover, he is lying: it is not true that

you will not have the Social Security benefits the present-day retirees have unless we fix it.

Even with the projected shortfall, after the trust fund is exhausted, real Social Security benefits are expected to be higher than they are today. Scheduled benefits increase with wage growth, which in the long run is at the rate of overall economic growth. With the economy growing, per capita, 1.6% faster than prices, 78% of scheduled benefits in 2041 is over 30% more (after adjustment for inflation) than the full scheduled benefits in 2008. John McCain ought to know that. If he doesn't, Douglas Holz-Eakin ought to tell him. Speaking this kind of nonsense is inexcusable.

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