Tuesday, March 01, 2005

The Democratic Social Security Conundrum 
So Dennis Kusinich has unveiled what's purported to be a new argument against the Bush Social Security initiative:
Congressman Dennis J. Kucinich (D-OH) today brought forth a new case against the Administration’s so-called Social Security reform plan by exposing the precipitous drop in future retiree benefits implicit in the Administration plan to switch from wage indexing to price indexing.

In a speech this morning on the House floor, Kucinich said:

“Social Security benefits have increased over the years because they long have been calculated to wage increases, which on the average go up 3.6% a year. So Social Security benefits increase with rising wages. The Administration wants to change all that. They want to index Social Security benefits based on a price index, not wages.

“As a result, millions of future retirees will see their future Social Security benefits reduced as much as 40%. Because prices do not increase as fast as wages.

Ok, the Democrats and Naderites have been arguing for an entire generation - since Reagan took office, at least -- that "real wages have remained stagnant."

If real wages have, indeed, remained stagnant or fallen, thaen it would follow that indexing Social Security to prices, rather than wages, would actually increase benefits, not reduce them. Real wages cannot be stagnant if prices do not increase as fast as wages. Both statements are mutually exclusive of one another.

So, are the Democrats lying now? Or have they only been lying to us for the last 25 years? Which is it?

Splash, out


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