Below is my message on Michael Kinsley's remark:

From: John Gelles
To: Cyberspace Society
Sent: Sunday, May 01, 2005
Subject: Incomplete morons--maybe

"Unless they are complete morons -- always a possibility -- the Democrats could end up in the best of all worlds. They know in their hearts that Social Security has got to change in some unpleasant way. Bush, for whatever reason, is willing to take this on and to take most of the heat. And all he wants in return is the opportunity to try something that will alienate people from the Republican Party for generations to come."

                  Says Michael Kinsley today in the Washington Post 

Is Mike right?  Would private accounts be allowed to fail as they should if nothing were done to prevent it? 

Suppose the Republican Party held on to power by protecting its privatized element of social security?   

If the Republicans had the votes, Congress could protect the performance of private accounts so their future pension payments were never less than what they would be if owners had invested solely in government bonds.  

In a fiat money world, Congress can spend enough to make any wish come true. At least any wish as modest as keeping up with the system President Bush claims to want to make better.   

Remember the Savings and Loans? Congress saved every depositor. It could do the same for pensioners it sold a bill of goods.   

If Nancy Pelosi can become a deficit hawk, the Republican Party can become Keynesian doves -- just as Nixon said we were and promptly saved our gold.

  John G.

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