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Well, you need someone with a bully pulpit to deconstruct the "public pension insolvency crisis" arguement now that people are paying attention. Like Krugman, for instance. But I don't think he (or anyone else) is likely to do it...

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Migeru (migeru at eurotrib dot com) on Tue Mar 3rd, 2009 at 12:43:49 PM EST
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What is the public pension insolvency crisis? Last time I checked, sovereigns cannot be insolvent against liabilities denominated in their own currencies.

For that matter, last time I checked, sovereigns presiding over even remotely functioning economies cannot be insolvent, full stop. And if the economy isn't even remotely functioning, what's the chance that private pension plans are solvent anyway?

Now, here's an idea: What about y'all confiscate all the 401(k)s and all future revenues going into them, and set up an equitable public pension scheme instead? If that's insolvent, then sure as Hell the 401(k)s are insolvent. And if it's not, then what's all the squealing about public pension plan insolvency about?

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue Mar 3rd, 2009 at 12:49:56 PM EST
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What is the public pension insolvency crisis?
A right wing meme straight out of the "Think tanks," the last time I checked.  As J. Edgar Hoover used to say: "The wish is father of the thought." The wealthy conservatives were only too happy to let their budget deficits be papered over by excess contributions to SS and Medicare starting in the early 80s, but now they fear that these programs might start costing them some small pittance.  

I fear that too many of the Democrats are unwilling to take it on because they need contributions from the same people who are financing and benefiting from the work of these "think tanks."  That is why campaign finance reform needs to be rammed through before they start on the really difficult stuff.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Mar 3rd, 2009 at 02:13:03 PM EST
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