Ed Morrissey pushes back on Social Security and the market meltdown

Political blogger Ed Morrissey pushes back on the assumption that recent market declines are an indictment against President Bush's plans for Social Security personal accounts. He makes many of the same points I made in this paper, plus discusses a bit about the CBO/Trustees projections for Social Security finances.

Given both poor wage growth and low interest rates, it's likely that Social Security's finances will take a bit of a hit in the next Trustees Report, due in March. However – much like the point I made about personal accounts and stocks, where it's the long term that matters – I suspect any negative impact on Social Security solvency due to the financial crisis and recession will be modest.