The Corner

Social Security

Because I’m so cool, I watched a big chunk of some Senate hearings on Social Security on C-Span last night. It seemed to be a Democratic deal — there were no Republican Senators asking questions when I tuned in and the panel seemed to be wildly overstocked with opponents. There was a woman who barely said a word (so I don’t know if she’s pro or con). And there was an economist from Yale, the Brookings gu, Peter Orszag, and Brad Delong the blogger and economist. The only outspoken witness in favor was my old friend Derrick Max. I thought Derrick did a great job, especially given the odds. But I have to say that I thought the liberals made some very strong arguments, including DeLong (who, to date, has never had a kind word for yours truly). I’m still in favor of reforming the system and I’m still in favor of private accounts, but I thought the arguments were pretty persuasive that there are serious downsides to the idea too. I’d get into specifics, but that would give Ramesh all weekend to sharpen his scalpel. So, I’ll keep pondering and start in again on Monday.

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