The Real Deal
By James Hamilton
Author Amity Shlaes is at it again. Thankfully.
Shlaes has a way of peeling back the layers of existing knowledge to expose misconceptions and long-overdue investigation. She's doing it again in her new book, "The Forgotten Man: A New History of the Great Depression".
Writing in today's Wall Street Journal, Shlaes says,
"To insult the New Deal is to insult the Social Security that we, our parents, or grandparents receive. The Baby Boomers have a reputation as being selfish. But their reverence in regard to Social Security, not to mention Medicare Part D, is overly unselfish, and comes out of misplaced filial piety. Younger Baby Boomers and the generations after them will doubtless pay higher taxes because of our current unwillingness to criticize entitlements. Americans owe them as much as we owe senior citizens."
Way to go, Amity.
Social Security isn't some mystical tablet handed down from on high by FDR back in ancient times (aka 1935). It's a living breathing program that needs to be updated to keep pace with the needs of Americans who'll retire in 2035 or later. Lockstep devotion to Social Security ignores the realities of how we live our lives today.
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