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Hidden crisis.(THE WEEK)(social security)
RAHM EMANUEL notoriously captured the spirit of Washington when he said that "you never want a serious crisis to go to waste. What I mean is that it's an opportunity to do things you could not do before."
But a little-recognized corollary has been equally important to the Obama administration: You never want to admit there is a crisis if it would require you to do something you would prefer to put off.
The nearby chart provides a case in point. We used to think that Social Security would have surpluses until 2017. Sadly, the economy has been so bad that in February of 2009 Social Security was in the red. A big reason is that workers who lose their jobs do not pay payroll taxes. The chart indicates that the Congressional Budget Office now believes that Social Security will have essentially no surplus next year.
The problem is, the assumptions that give us that scenario are far more optimistic than the assumptions required to justify, say, a $787 billion stimulus package. Indeed, the chart is almost comical in its miraculous ability to skirt negative territory. In reality, Social Security will almost ...
- Social Security cuts are coming. (Column)
- Magazine article from: U.S. News & World Report Barone, Michael July 4, 1994 700+ words
...expect to get much from Social Security anyway. They can be...Republican attempt to cut Social Security (except for the bipartisan Greenspan Commission), and Democrats used...government, and the push for Social Security cuts is likely to be...
- Real risk for Social Security is legislation.(Monday Morning)
- Magazine article from: Investment News September 5, 2005 700+ words
...a result of the Greenspan Commission's efforts to save Social Security during the Reagan...cut. Further, Social Security benefits initially...a result of the Greenspan Commission, Social Security benefits were taxed...
- BUSH OPPOSES MOYNIHAN'S PLAN TO CUT SOCIAL SECURITY TAX.(Main)
- Newspaper article from: Albany Times Union (Albany, NY) January 12, 1990 700+ words
...Finance subcommittee on Social Security, was a member of the Greenspan commission. "The Social Security system is sound. Let...said was made by the Greenspan commission. "We're not changing Social Security," he added. However...
- HYPOCRISY AND SOCIAL SECURITY.(Editorial)(Column)
- Newspaper article from: The Cincinnati Post (Cincinnati, OH) May 16, 2005 700+ words
...George W. Bush predicted Social Security would "go bust in 10 years...Bush "said in 1978 that Social Security would go bust in 1988 unless...indeed, came when the Alan Greenspan Commission "saved" Social Security in 1983, right before...
- Fix Social Security, yes - but do it right.(public policy decisions should be...
- Magazine article from: National Catholic Reporter Ghilarducci, Teresa Wolfson, Martin August 28, 1998 700+ words
...and benefit the Social Security Trust Fund. But...consequent crisis for Social Security, which was supposedly "fixed" by the Greenspan Commission in 1983), was...president could do for Social Security would be to roll...
- 'Privatizing' Social Security.(Editorial)
- Magazine article from: U.S. News & World Report Gergen, David R. December 9, 1996 700+ words
...term prospects for Social Security. Recommendations...panels, like the Greenspan commission in 1983, have often...400 billion in Social Security taxes collected...radical change in Social Security since FDR invented...
- The Social Security `bait and switch&apos.(NEWS)
- Newspaper article from: Star Tribune (Minneapolis, MN) Hofrenning, Dan April 5, 2005 700+ words
...Reagan administration - Social Security payroll taxes were...a proposal to cut Social Security benefits. In 1983...Gipper supported the Greenspan Commission's recommendation to increase the Social Security payroll tax and modestly...
- Linking Social Security and prosperity.(COMMENTARY)
- Newspaper article from: The Washington Times July 20, 2004 700+ words
...more than double what Social Security now promises. Moreover...unfunded liability of Social Security, almost threefold the...cuts then proposed by the Greenspan Commission. n that case, Social Security would be expected to go...
