In a day of absurdities, one compels an immediate response

Quote of note:

Instead of assigning a five- or 10-year price tag, as Congress normally does, supporters of reform say Social Security should be viewed in the context of a 30-, 40- or 75-year budget window that takes into account the program’s impact over a lifetime.

“To look at this in short segments is shortsighted,” said Shaw, who is outgoing chairman of the Ways and Means subcommittee on Social Security. “You need to look at the overall liquidity of Social Security over a long period of time.”

I'm hoping every real economist in the world steps up to point out the impossibility of ten year forecast, much less a thirty year one.

You know, people need to start wondering what it will be like to live in the world our Conservative brethern are building…I'm not sure at all it's the one they envision.

Anyway…
Social Security numbers game
GOP ponders 30-year scoring rather than 10
By Peter Savodnik

Republicans are pushing to rewrite budget rules in an attempt to remove financial obstacles that threaten the GOP’s effort to reform Social Security.

The potential move to craft budget language that would direct the Congressional Budget Office to score Social Security reform legislation over 30 or more years would likely increase the chances that the bill would pass in the 109th Congress.

Republicans could also write budget provisions that would remove the program entirely from the budget process.


They've gone berserk.

Posted by Prometheus 6 on December 9, 2004 - 12:58pm :: Economics
 
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to point out the impossibility of ten year forecast

In this case, that's what the law requires. The Congressional Budget Office is required to provide a ten-year estimate of the effect on the budget of any major legislation.

What the 'Pubbies are crying about this time is that the 10-year window won't reveal the magical payback we'll supposedly get way down the road. K Drum has been posting some good stuff on this. The challenge for the reformers is going to be to spin up a scenario in which the future economy is weak enough to make the current system fail, but strong enough to make their proposals pay off.
Posted by  Quaker in a Basement on December 9, 2004 - 7:15pm.

I understand that.

But I have no confidence if a five year projection, much less a ten year one. Beyond ten you can just make shit up.

Posted by  Prometheus 6 on December 9, 2004 - 8:16pm.

Allright.

Anyway, the 10-year job is still the current measure. The Pubs want to change the rules to tilt the game.

Posted by  Quaker in a Basement on December 9, 2004 - 9:11pm.