Relevant and even prescient commentary on news, politics and the economy.

Bruce Webb on the 2007 SS Trustee’s Report

In comments, Bruce Webb tells us he has links to theAnalysis of the SS Trustee’s report up. First consider the Cost of Nothing. The 2005 Report projected a payroll gap up from 2004, to 1.92% from 1.89%. Which is what you would expect, problem left unaddressed got worse. But if you quantified it you ended […]

Cost of Illegal Immigration – The Heritage/National Review Spin

Robert Rector has been peddling this paper to argue illegal immigration adds $400 billion per year to the deficits of the various U.S. governments (Federal, state, and local). Byron York gives this paper a favorable review. I’m glad he did as his review inadvertently underscores what this Heritage analysis is misleading. The title gives us […]

Comments on Social Security Projections versus Reality by Bruce Webb

Following in Brad de Long’s noble tradition of hoisting from comments, what follows are Bruce Webb’s comments to a PGL post from earlier today. The Bureau of Public Dept just released Nov 30 balances in the OAS and DI Trust Funds OAS (Survivor/Old Age)$1,835,219,251,439.91up just under $9 billion for the month.DI (Disability)$204,008,148,674.27down about $200 million […]

Immigration and the Politics of the Left

The issue of immigration has been well-documented as exposing a rift among Republicans in recent days; articles in the Washington Post, The Economist, and the Financial Times are but a few examples. But the political left seems to me to be nearly as split on the issue. Numerous readers of this blog have expressed serious […]

Guest Workers and Social Security Solvency

Eduardo Porter’s New York Times article entitled Illegal Immigrants Are Bolstering Social Security With Billions describes how one Mexican citizen – along with perhaps seven million other “illegal immigrant” workers: are now providing the system with a subsidy of as much as $7 billion a year … Most immigration helps Social Security’s finances, because new […]

Social Security Semantics: “Bankruptcy”

Was President Bush technically correct when he declared the Social Security Trust Fund (SSTF) bankrupt? In one corner, we have Victor and Andrew Samwick who defend Bush’s use of this term. In the other corner, we have Max Sawicky warning Professor Samwick about his Kool-Aid and Brad Setser extending the definitions to the discussion over […]