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How to Save Social Security
Now that Larry Lindsey is no longer around to reassure Bush that the numbers add up on his plan to partially privatize Social Security
, Bush faces the unwelcome prospect of joining the reality-based community. Lindsey's idea was the the stock market would rise so much that excess gains in the new personal accounts could be taxed to pay the transition costs, keeping the benefits flowing to current retirees.
Fortunately, there's still one economist who believes in a free lunch: Kevin "Dow 36,000
" Hassett. The rumor mill
says he has the inside line to head Bush's Council of Economic Advisors. Last I heard, he was still predicting
that the Dow would quadruple. If anyone can make the Bush Social Security plan work, at least on paper, it's Hassett.
And I bet he could use the work, now that his book's out of print.
[hat tip: bakho]