One of the BIG FALLACIES in the current debate on Social Secuirty is:
ATTEMPTING TO PROJECT THE ECONOMY 50 YEARS INTO THE FUTURE.
Remember....the best economists we have today can't even get the monthly jobs number right within 100,000! And that should be child's play, compared with projecting Social Security 50 years out into the future.
The problem with the White House and Democratic projections is that no one can even imagine what the US economy will be like in 50 years! Especially, if the current level of gross incompetence is perpetuated.
For one thing, we know that by then, the trade deficit will be "corrected." And may God help us all. We know that China will be the dominant economic power, perhaps. Or at least we think so?
But, it is total bunkum to assume that we can know ANYTHING for sure about what the economy will be like in 50 years.
Who could have accurately predicted the 2005 economy in 1955!! NO ONE. Why? Because, Stuff Happens!
The economy is NOT a chart with an X and Y axis, as most economists like to portray it!
It's just not....it's very much more chaotic than that.
These "projections" for the future of Social Secuirty remind me of that old "science" factoid that:
IF EVERY TADPOLE BECAME A FROG, WITHIN 50 YEARS THE ENTIRE KNOWN MASS OF THE UNIVERSE WOULD BE FROGS!!
NOW, AM I REALLY SUPPOSE TO BE WORRIED ABOUT THAT?
ALAS, POOR TADPOLE!
BECAUSE YOU KNOW, STUFF HAPPENS!! IT REALLY DOES....
