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Economic Analyst Pans Rosy Projections in President's Social Security Plan 1 - 2

Economic Analyst Pans Rosy Projections in President's Social Security Plan
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TOO COSTLY, too optimistic, and wholly unnecessary. That deconstruction of President Bush’s plan to privatize Social Security comes from the co-director of the Center for Economic and Policy Research in Washington.

In a talk to students last March, Dean Baker, who was joined on the podium by U.S. Rep. Chaka Fattah (D-PA), said there is no reason to reform the system at this time.

“Social Security is not broke,” said Baker, head of the nonpartisan think tank. “The program is pretty sound by any reasonable measure.” In fact, he cautioned, privatization could well weaken Social Security, adding that it will spawn administrative costs of 5 cents on every dollar (compared to 0.6 cents of every dollar at present) and likely generate much less in returns to stock market investors than proponents of privatization contend.
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