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Tuesday, January 16, 2007

Rare Event

I admit I may have overlooked a very important consideration and thus come down on the wrong side of an issue. Specifically, in my vendetta against Bush's Social Security plans, I never considered that people might work more if their retirement checks would be higher (all told) on the margin.

In fairness to myself, none of the major proponents of the plan ever explicitly cited this factor. They all argued that the higher rate of return per se would do it. But nonetheless, I should have thought of this. My omission was as naive as someone objecting to tax cuts on the grounds that "how can we cut taxes _and_ reduce the deficit at the same time?? That 'savings' has to come from somewhere!"

Don't get me wrong, I still would have opposed Bush's plan, because it wouldn't have been implemented in the ideal way one could have imagined. But even so, my version of the "ideal" privatization scheme unfairly left out one of its major benefits.

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