Crisis? What Crisis?

The Nevada congressional delegation's powerful insights into Social Security privatization were rounded up in the Sun:

• John Ensign, Nevada's other senator, is falling in line with the Bush administration's Chicken Little analysis of Social Security: It's a "crisis" and the only way to save it is to hand all that money over to the eminently trustworthy souls in the financial services industry.
• Rep. Jon Porter agrees, but complains that "privatize" is a "political term used to scare seniors." Incredibly, Porter failed to add that "crisis" is a political term used to scare everybody.
• Some guy named Jim Gibbons appears to be a member of Congress who appears to support privatization.
• Democratic Rep. Shelley Berkley is against it, and has joined with some same-gender colleagues to tell Bush that privatization will hurt women.
• Of course, opposing privatization has provided the Great and Powerful Harry Reid with Talking Point A in response to the oft-asked query, Why do Democrats exist?

In the best-case scenario, a privatization bill will stall until Bush's lame-duckness combines with Bush Fatigue in general,  and the Strong Leader's Big Idea is swept into history's dustbin, notable not for handing over vast wealth to the financial-industrial complex, but for handing Democratic congressional candidates a touch of traction in the '06 elections.

As for the worst-case scenario, well, Bush has cornered that market. His sky-is-falling refrain assumes an average annual economic growth rate over the next 40 or so years of 2.1 percent (helpful number crunching supplied by the Midwest Academy). Average growth over the last 40 years was 3.4 percent. If Bush's assumptions are right, it means the U.S. is destined for long-term economic desperation certain to eliminate the nation's global preeminence, relegating the country to second- or third-tier status on the world stage, marking a catastrophic collapse in our standard of living and quality of life, and rendering the health of Social Security the least of our problems. Who knew Bush was such a pessimist?

If, on the other hand, economic growth comes anywhere close to 3 percent, Social Security will be fine.

In Silver State, Social Security debate follows party lines (LVSun)

Social Security is Not Going Broke (Midwest Academy)