FreedomKeys.com
Title
FREEDOM KEYS
Description
T he economics professor who may have coined the expression “irrational exuberance” has been acting pretty irrational himself lately, having just published a shoddy and deceptive “paper” designed to torpedo President Bush’s ideas for Social Security modernization with personal accounts. And the leftist media has been entirely too exuberant in publicizing this bogus research.
Here are the first two sentences from Jonathan Weisman’s story about the so-called “paper” in last Friday’s Washington Post:
Nearly three-quarters of workers who opt for Social Security personal accounts under President Bush’s “default” investment option are likely to earn less in benefits than those who stay with the traditional Social Security system, a prominent finance economist has concluded. A new paper by Yale University economist Robert J. Shiller found that under Bush’s default “life-cycle accounts” … nearly a third of workers would bring in less in benefits than if they remained in the traditional system.
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