The Spectacle Blog

Re: Thompson Follow Ups

By on 10.11.07 | 8:45AM

Mike Tanner, Director of Health and Welfare Studies at CATO on Thompson's suggestion that indexing social security to prices rather than wages with fix the solvency probelm: "He is correct, though that would amount to slightly more than a 26 percent reduction from promised benefits over time." He also notes that this suggestion is part of CATO's plan to reform social security. Larry Kudlow worries that a Thompson typoe benefit reduction is the type of thing GOP candidates get creamed for. ("I've never been enamored with that approach. It would be much better to grow ourselves out of the Social Security problem with strong supply-side policies for the whole economy. And yes, I would extend the retirement age gradually over time. But benefit cuts are a real bad idea. Private savings accounts, which were endorsed by several candidates including McCain, have to be part of a Republican package.") However, it's specific, it's responsible and it's different than the other candidates. Give him some credit.

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