Politics & Policy

Unhappy Anniversary

Social Security at 70 is a sad sight indeed.

President Bush recently celebrated the 70th anniversary of the Social Security system, which, in the early days, greatly helped to ameliorate poverty in old age. But as Investor’s Business Daily has recently pointed out, the demographic game has run its course.

Unless Social Security is reformed substantially, by providing for the ownership of personal savings accounts that will permit stock and bond investments to finance benefits rather than tax hikes, the system will continue to deteriorate.

Only through market wealth creation will pension benefits for older Americans be fully financed over the long-term. If the government does not embrace this solution, it will break both hearts and promises as it raises taxes and cuts benefits time and again in the future — just as it has in the past.

Simply, the Social Security system will never be fixed until Congress realizes that President Bush is right: The ownership of market asset wealth — which is also a huge policy incentive to maintain our capitalist, free-market, economic-prosperity-creating machine — is the only solution. Sooner or later Washington will come to this realization. We are an IRA nation and there is no turning back.

Ronald Reagan once referred to it as “the magic of the marketplace.” He was correct. In the long-run, markets will keep their promises whereas governments will not.

— Larry Kudlow, NRO’s Economics Editor, is host of CNBC’s Kudlow & Company and author of the daily web blog, Kudlow’s Money Politic$.

Most Popular

Elections

A Hard Look at Those Post-Election Legal Efforts

On the menu today: Michigan certifies its vote totals; the General Services Administration starts the transition; and it’s time for a hard, unflinching look at the president’s post-election legal efforts. What Did the President Get from His Legal Team? Michigan and Georgia have certified their election ... Read More
Elections

A Hard Look at Those Post-Election Legal Efforts

On the menu today: Michigan certifies its vote totals; the General Services Administration starts the transition; and it’s time for a hard, unflinching look at the president’s post-election legal efforts. What Did the President Get from His Legal Team? Michigan and Georgia have certified their election ... Read More
History

From Hate to Heroism

Welcome to “The Tuesday,” a weekly newsletter about language, culture, politics, and, lately, relentless book-hawking. To subscribe to “The Tuesday” and receive it in your inbox, please follow this link. From Hatred to Heroism Daniel Cordier, when he was young and getting started in life, did not seem ... Read More
History

From Hate to Heroism

Welcome to “The Tuesday,” a weekly newsletter about language, culture, politics, and, lately, relentless book-hawking. To subscribe to “The Tuesday” and receive it in your inbox, please follow this link. From Hatred to Heroism Daniel Cordier, when he was young and getting started in life, did not seem ... Read More
Elections

It’s Only ‘Free and Fair’ When We Win

Indeed, this is astonishing: https://twitter.com/felixsalmon/status/1331295033325219840 In 2018, after two years of media spinning tales about shady Russian infiltrators in our government, 67 percent of Democrats believed that Putin’s gremlins had bored into our voting machines and altered the outcome ... Read More
Elections

It’s Only ‘Free and Fair’ When We Win

Indeed, this is astonishing: https://twitter.com/felixsalmon/status/1331295033325219840 In 2018, after two years of media spinning tales about shady Russian infiltrators in our government, 67 percent of Democrats believed that Putin’s gremlins had bored into our voting machines and altered the outcome ... Read More

The Coup That Wasn’t

Donald Trump is not done challenging the results of the 2020 election in court, and he is by no means done complaining. But there will be no “coup.” Any prospect of Trump remaining in office without a legal process that declares him the recipient of more legal votes in the decisive states has now evaporated. ... Read More

The Coup That Wasn’t

Donald Trump is not done challenging the results of the 2020 election in court, and he is by no means done complaining. But there will be no “coup.” Any prospect of Trump remaining in office without a legal process that declares him the recipient of more legal votes in the decisive states has now evaporated. ... Read More