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How Both Sides of the Aisle Have Been Hypocritical on Government Accounting

During the Social Security debates of the late 1990s and early 2000s, some conservatives argued that investing the trust fund (or letting individuals invest their payroll taxes) in stocks would generate a “free lunch” — much greater retirement savings at seemingly no budgetary cost. That’s nonsense, said the Center on Budget and Policy Priorities (CBPP) and other liberal groups at the time, because equity investment increases risk, and risk has a cost. Read more…

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