Privatization Sinks Further

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Yikes, it seems that Bush’s new topic economic advisor, Ben Bernanke just put a spike in the House Republican plan to privatize Social Security. That plan had abandoned all pretense that the program was in “crisis,” and decided instead to just borrow billions and billions of dollars to fund “temporary” private accounts. Candy for everyone, it was, and an outright disaster too. But now, barring a House revolt against the White House—and Rep. Paul Ryan (R-WI) did respond to Bernanke by saying, “I don’t think the White House is drawing any lines in the sand, these comments notwithstanding”—that plan is dead.

Anyway, it’s certainly very responsible of Bernanke not to squander his professional reputation over a crazy House plan, although he still seems to be committed to Bush’s privatization idea—namely, steep benefit cuts, bigger deficits, and exposing pensions to increased risk. At the same time, that’s also the plan least likely to pass: so long as White House officials pretend that the program is in crisis, and so long as they maintain that that crisis actually needs to be fixed, and so long as they refuse to raise taxes, then benefit cuts will become very necessary, which, as we’ve seen, are the most unpopular part of this whole fiasco. Meanwhile, it seems the Senate can’t get anything moving on this either.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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