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February 8, 2005
Cato's Daily Debunker
From the Cato Institute:In today's New York Times, Paul Krugman rehashes a bogus assertion about Social Security reform that was debunked within hours of its first appearance. Krugman writes, "... workers with private accounts would be subject to a 'clawback': in effect, they would have to mortgage their future benefits in order to put money into their accounts." Krugman reissues the "clawback" myth which first appeared in the February 3rd edition of the Washington Post. There's only one problem. The Washington Post ran a correction on that story within hours, which in effect acknowledged that there is no "clawback" feature to personal retirement accounts. The truth is, Americans who choose to invest a portion of their Social Security payroll tax into a personal retirement account would own 100% of those savings. It would be available for them to do as they please, even to pass on to their children and grandchildren. Krugman is peddling a myth that has already been debunked and corrected by its original source.
Posted by Andrew Roth at February 8, 2005 2:51 PM | Print
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