With even mainstream Democrats coming to embrace the idea of expanding Social Security to help address our looming retirement crisis, it couldn't be long before the pushback emerged from conservatives and Republicans.
Bloomberg's libertarian economics columnist Megan McArdle was quick out of the box, with a column published Tuesday titled, "The Left Gets it Wrong About Social Security." You should read it, because it's rare to find so much sophistry, misunderstanding and misinformation about Social Security packed into one article. You can count McArdle's disdain for retired people, seldom expressed so openly, as a dividend.Hiltzik goes on to point out her errors and deceptions; read it all so I don't have to pick apart yet another Social-Security-Is-Doomed post. The best part, as always, is when McArdle pretends that top marginal tax rate on the rich can never be raised above 50%.
McArdle's target is a budget amendment that Sen. Elizabeth Warren (D-Mass.) recently persuaded almost all Senate Democrats to vote for, aimed at increasing Social Security benefits.
The 1970s called, Megan. They wanted to remind you that the top tax rate was over 70%.