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TANSTAAFL

July 28th, 2002

The Cato Institute ‘Project on Social Security Choice’ reports that most Americans still want to entrust their retirement to the stock market. They say:

‘When posed with the statement, “There are some in government who advocate changing the Social Security system to give younger workers the choice to invest a portion of their Social Security taxes through individual accounts similar to IRAs or 401(K) plans,” 68 percent of voters indicated support, 29 percent opposed and 3 percent weren’t sure.’

This sounds like the kind of ‘free lunch’ those terrible liberals like to offer. If the Cato Institute really wanted to gauge public opinion, why didn’t they add ‘in return for a reduction in guaranteed benefits’ at the end of their question ?

But the really interesting thing is that The Cato Institute Project on Social Security Choice was, until quite recently, The Cato Institute Project on Social Security Privatization. Apparently, even in the US, ‘Privatization’, is a dirty word (Meg Lees, take note). It’s also interesting that the supposedly independent Cato Institute is dancing to the tune of Republican spin-doctors who have decreed a ban on the term.

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