Tuesday, November 09, 2004

James Surowiecki: The Ownership Society

The Ownership Society
James Surowiecki
The New Yorker

George W. Bush was reëlected last Tuesday not because of the job he did running the economy in his first term but in spite of it. (Voters for whom the economy was the most important issue voted for Kerry by a four-to-one margin.) Bush doesn’t get to coast for the next four years, though; he’s facing a host of economic problems, particularly the mounting cost of health care and the looming crisis in funding for Social Security and Medicare. Bush, of course, has a master plan: he intends to turn America into what he calls an ownership society.

Read the Rest of the Essay

7 comments:

Deleted said...

Surowiecki is full of shit! There is no looming crisis in Social Security, it's the one of the few goivernment programs that works very well, and the medical insurance problem could be solved completely by national health insurance. The mechanism is already in place with Medicaid, Medicare and SSI. In the worst case scenario, dreamed up by people who stand to profit from "privatization", Social Security is good for until 2030 or so. The real solution for those who want to be conservative about preserving it is eliminating the exemption for those making more than the top limit.

Second, this wisdom of crowds in economics is complete nonsense. There is no support for it at all. Inside players and people who can get the markets rigged in their favor will always do much better, mostly because they can force those "wise" crowds to bail them out.

Thivai Abhor said...

Harry? Isn't this what Surowiecki is saying?

Thivai Abhor said...

He is criticizing the privatization because of a bogus statement of a crisis and a misleading belief in the benefits of privatization of government programs.

Deleted said...

I must have misread it. Too much reading while judgemental and crabby.

Thivai Abhor said...

No problem, I'm sure sooner or later I'll leave something similar at your site... I sent you a package!

Deleted said...

Cool! I love packages. My grandmother, who lived to 101, was very big on sending packages to friends and relatives. I can't say for sure that that's the key to longevity, but it does make what life we have more interesting and pleasant.

Thivai Abhor said...

Harry--as do I, thanks for the wealth bondage bag!