The $4.7 Trillion Pyramid: Why Social Security won't be enough to save Wall Street

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Harpers Magazine, April 2005 They wanted something for nothing. I gave them nothing for something. -- J.R. "Yellow Kid" Weil Social Security, formerly the "third rail" of American politics, has now been trod upon, in rather dramatic fashion, by George W. Bush. Given that the maneuver is both stupid and unnecessary, one must ask why. After all, the program's alleged deficiencies, if there are any, will not manifest themselves until at least 2018. This is not quite the same as worrying about the sun's eventual collapse into a black hole, but for most politicians a problem that lies thirteen years in the future is nearly the same thing. Clearly all is not what it seems. Bush himself offers two reasons for the present boldness. ...