A little help from my friends

I generally get up late on Saturday (really late... usually not much before noon if I can help it), and so I got to read Nicky's column relatively late in the day. The resulting stomach-churning DHP anger was about to prompt me to write a post, but I am going to just let Kevin Drum do the writing for me.

Or at least most of it... I still have a few things to add:

Figures tossed about these days - such as the system's having to slash benefits in 2042 - are wild guesses that depend in part on longevity.

Wild guesses? The SSA's estimates are based on very conservative estimates of economic growth... if you want to talk about wild estimates, look at the grow that the administration assumes in order to make their privatization scheme work (a rate which, BTW, would mean SS would essentially need no fix).

The Social Security Administration estimates that U.S. life expectancy will increase by only six years by 2075. But life spans grew by 30 years in the 20th century, and if you believe (as I do) that biotechnology will greatly raise life expectancy, then we'll face a huge problem paying for long-lived retirees (touch wood, like me).

One word Nicky: antibiotics. Just like with the stock market, past trends don't neceessarily indicate future gains for a variety of reasons. And as far as biotechnology goes, estimates on such gains have been far too generous time and time again.

Singapore helped pioneer private investment accounts (a good rule of thumb in economic policy is to do what Singapore does), and its system has raised home ownership and alleviated poverty.

Yeah, I am sure our economies match up really well. And you know the right will be all for their 33% payroll taxes which support their system (the rate is so high that retirees end up with nice assets but no cash).

Ugh. Nicky has been doing his Sudan and Cambodia columns for the past several weeks, but when he does this type of thing he is seriously out of his element.