1.10.2005

Will Projects Idiocy

Conservatives are reaching new lows for specious arguments. That’s to be expected, especially with the impending Social Security battle between those of us in the real world and the Chicken Littles on the Right.



In his latest article titled “Let’s Not Count on Projections” Will argues that we should reinvent Social Security based upon…. wait for it… wait for it… We should reinvent Social Security based upon PROJECTIONS that Wall Street will deliver the results that we have seen in the past.



In no 15-year period in the past eight decades has the growth of stocks ever been negative; in no 20-year period has the average growth been less than 3 percent, which is better than the rate of return on Social Security assets. So if we were starting with a clean slate, surely we would consider some use of the market to be prudent rather than risky.



Yes, what a fantastic argument. We should replaced our current system that guarantees a positive return with one that may not guarantee a positive return. I think Will has forgotten the most important rule of investment: Past returns are not a guarantee of future returns.



As a middle-class worker, I would rather leave my money in social security. If I want to invest in the stock market, I will do it myself. I don’t need the government’s assistance and oversight.

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