They could have cut to the chase years ago and admitted what Bush said yesterday: they are going to try to extract more money from the population via higher taxes to fund the transition (from a pure transfer program to an actual forced savings program). (Thanks LRC.)
Coda: More detail from the New York Times, and it’s even worse (it’s always even worse). “Asked specifically if he was open to raising the earnings cap, he replied, ‘I’ve been asked this question a lot, and the answer is, I’m interested in good ideas.’”
So it’s a good idea, but not a tax increase, don’t ya know. Still, the reality that many people support this package, which will involve a vast looting of the independent professional class, in the name of markets and privatization continues to astound.
