WHY I AM NOT A MAINSTREAM NEWS CONSUMER.

Today's Daily Howler looks at a CBS Evening News report filed on Wednesday by John Roberts, potential successor to Dan Rather.

Roberts says, in part:

Franklin Roosevelt's Social Security safety net is quickly developing huge financial holes. In 1935, the system was flush, 16 workers paid in for every one that drew retirement benefits. That ratio is now just a little more than 3 to 1. By the time all the baby boomers have retired, just 2 to 1. In 2042, Social Security will become insolvent, and today's young workers risk losing their benefits.

"Quickly?" We first started addressing what is now being called the Social Security "crisis" in 1983. And those "huge financial holes" will not even be visible for almost four decades; when Roberts says "insolvent," what he really means that Social Security won't be able to meet the benefits it promises as of right now, based on the long-term projections we have right now. If the economy were to grow at 2% instead of the projected 1.8%, well, then everything would be just fine. This is no more "insolvency" than is buying a new cellphone plan that you might not be able to afford if your Christmas bonus is $1,000 instead of $1,200.

Incredibly, he continued:

President Bush wants to mend the holes, allowing workers to invest a small portion of their weekly payroll taxes in stocks and bonds that will grow or fall with the market.

"A small portion" is likely to be "two-thirds" when the bill hits Congress. This report was such a disservice to the public that Dan Rather actually had to add after it that "many critics" don't buy the Bush Administration's lies about Social Security being in "crisis."

Posted by Aaron S. Veenstra ::: 2004:12:17:12:27