Wednesday, October 15, 2003

The Social Security Trust Fund Is Enron Writ Large

Megan McArdle presents the case that an IOU written to oneself is not a Trust Fund, even if you pay yourself interest. The bill comes due in 2013, when the government has to start paying off on that IOU. To do that we will, cut benefits, raise taxes, cut other spending or borrow the money. 2040 is meaningless. In other words, the Prescription Drug Benefit is the real quagmire. Can you say, "Increase the dole?" Dictatorship in America by 2020? Will the new word for tyrant be Bush, or Gore, Kennedy or Clinton? (Is it just me, or are aristocratic political families more common on the Democratic side? Or do they just get more play in the press? Come up with more future names for Caesar in the comments and I'll add them to the post. )

Via Instapundit.

Update: Francis W. Porretto came up with these, and I've commented on his lists:

Democrats: Kennedy/Shriver, Cuomo, Daley, Rockefeller (ignore Nelson; he was a sport), Clayton Powell, and Clinton, plus maybe the Longs of Louisiana. I'd add Gore. In Kansas we had the Dockings, but they never made it out of state.

Republicans: Bush and Taft. I'd add Dole, since if we consider Bill/Hillary we have to add Bob/Liddy. In Kansas we had Landon/Kassebaum, but again they never made it out of state.

I guess Al Gore is evidence that any state political family can go national.