Are economist’s rational?

I just couldn’t skip this one…disinhibition and odd “metaphor” combined:

Lynn Parramour writes:


Thomas Ferguson and Robert Johnson of the Institute for New Economic Thinking, two economists who have tried to expose the problems in their field, remind us that even when you look at the evidence of recent reports of the trustees overseeing the program, Social Security’s fiscal fitness remains strong. At worst, if the economy were to grow relatively slowly over the next decades, there might be some shortfall in the Trust Fund way down the road, in 2030s. Even then, the fund would not be empty. Tax revenues would still cover approximately 75 percent of promised benefits until 2085. That’s hardly an emergency. All the Chicken Littles yammering about a potential shortfall are basing their views on predictions that may very well turn out to be totally off-base.

“Talk of the bankruptcy of Social Security,” Ferguson and Johnson conclude, “is hot air.”

But that has not stopped many economists and political allies from acting as if the program were going bankrupt, and that the only way to save it is to make cuts immediately. The fantasy of prediction, we will see momentarily, is followed closely by the fantasy of supremacy.

The two lead advocates for cutting Social Security are multimillionaire elites Alan Simpson, a former Wyoming senator, and Erskine Bowles, a former White House chief of staff. They are co-chairs of President Obama’s debt commission. Listen to them talk about the program, and you will quickly notice them exhibiting a supremacy fantasy in highly gendered language. In 2010, Simpson famously referred to the Social Security program as a “milk cow with 310 million teats” that the population was sucking on. Object relations theorist Melanie Klein, who focused on the infant’s relationship with the mother’s feeding breast in her work, would have no doubt found the image fascinating. It’s as if the economy, for Simpson, is a Great Breast he wants all to himself. He becomes bitterly resentful when anyone else gets a drop.