450 Economists Ignored....But One Liberal Economist Given Ink

Andrew Roth

The 450 economists who support personal accounts for Social Security continue to be ignored by the Mainstream Media, but one liberal economist in Colorado managed to get some ink for his anti-growth ideas for reform. First, to borrow a phrase from Herman Cain, this economist thinks you're too stupid to manage your own money:

"Having a fund to be independently managed by a person is a bad idea," [Northern Colorado economist John] Green said. "People will invest poorly, and then that will only increase our obligations in the future to pull these people out" of their financial decisions. "Or, if we just give that money to (people), they'll just spend it. So, there would have to be some regulations."

In Green's view, people are stupid, stupid, stupid. And what's his solution for Social Security? You guessed it. Tax, tax, tax.

"[T]ake the cap off so that people, no matter what their income, have to pay Social Security, and that should solve it. That's the best idea so far."

This guy obviously has no idea how policy decisions affect incentives to save, invest, and to create economic growth. No wonder the Mainstream Media gave him some press.
Posted by Andrew Roth on May 29, 2005 9:26 AM to Social Security Choice