Word has it that President Obama intends to appoint a task force the week after next which will be charged with "reforming" Social Security. According to inside gossip, the task force will be led entirely by economists who were not able to see the $8 trillion housing bubble, the collapse of which is giving the country its sharpest downturn since the Great Depression.
Last week, I flagged a Politico story that seemed to suggest exactly what Baker is saying, and before that, I noted in a blog post that Obama had floated some troubling language implying the same.
However, I simply refuse to believe that Obama is going to get entrapped by those who seek to balance the budget exclusively through cuts to Social Security benefits. He campaigned explicitly on a progressive promise to lift the regressive payroll tax that currently forces the average American to pay a higher percentage of his/her income to Social Security than billionaires like Warren Buffet. Couple that promise with the undebatable fact that Social Security - left untouched - could pay out all of its benefits for the next 40 years, and I simply cannot believe Obama would lead off his presidency trying to gut the most popular - and most fiscally stable - social program in American history.
Dean is one of the best economists - progressive or otherwise - out there right now, and I certainly don't think he's making up what he's reporting. I think he probably is hearing eager chatter in Washington about Obama's Team of Zombies getting ready to assault Social Security. I just don't believe that Obama will go through with it. I'm saying that not because I'm naive and think the president is just too good or moral a guy to propose retirement benefit cuts during a recession, but because I think the president is just too smart a politician to join with the radical right in their attempts to undermine a bedrock program like Social Security.
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