I Want to Save a Child's Sight!

Friday, December 10, 2004

Borrow, Speculate, and Hope

Krugman: "For it is now apparent that the Bush administration's privatization proposal will amount to the same thing: borrow trillions, put the money in the stock market and hope." Why do we want to let market forces decide when we retire? Personally, I can't think of anything scarier than diverting payroll taxes into a personal account to be played in the stock market. Who is the big winner in all of this? Wall Street, due to all of the HUGE brokerage fees we'd be paying them to manage these funds. I'll keep my money with the Government run program, thanks. [NYT]

OPEC is going to cut oil production by 1 million barrels a day starting January 1st. I can't wait for gas prices to go up! The American people will have to foot the bill and do without, while the Saudis get rich. Oil prices are still up by a third this year. [Yahoo] [NYT]

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