Wednesday, April 27, 2005

Power Line

John Hinderacker at Power Line attacks a Democratic rally against privatizing Social Security on Capitol Hill. I quarrel with this:
"This really is demagoguery at its worst. Federal employees already have a private contribution plan."
The Federal system is essentially a 401K on top of Social Security, which is how it was sold to us back in the 1980's. The existence or non-existence of 401K's doesn't support the "carve-out" approach to private accounts.


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