by Chuck Norton
In the video below Mark Levin very gently takes apart Dr. Teresa Gilarducci. She works for George Soros now, but before that she was an econ professor at Notre Dame. She was also on President Clinton’s Social Security task force.
When she was at Notre Dame I debated her when I was an undergrad in front of an audience, as I was the only one between IU and Notre Dame who would take the partial privatization position point of view on Social Security. Her incredible hypocrisy, that Levin exposes so well in the video below, showed itself in true form in my debate with her as well. Her “logic” is entirely political, circular and based largely on denial and misdirection. She is sweet, attractive and charming, and well knows it as she uses that as a weapon in her arsenal.
Dr. Gilarducci thought she was going to be debating a “college republican” undergrad, what she got is a former radio talk show host who passed the state exams and used to sell retirement and insurance products.
I will not outline the entire debate, but in short I did two things.
First: I outlined the Galveston Plan which has worked wonders as a legal exception to Social Security. I also pointed out the government managed, but partially privatized retirement plan that Members of Congress have which has been a great success through thick and thin. Such a plan would serve as a good model to grow at least a small percentage of Social Security to at least attempt to have a growth to pre-fund our retirement benefits.
All she would say about these partially privatized plans is that the retirees wouldn’t get the money and even though retired Members of Congress and some in Galveston were already getting great benefits now she insisted that soon that money would vanish because only government transfer payments can be trusted. She kept saying again and again, “Until you go to get your money at retirement and it’s not there.”
Ironically in the video below, the type of plan she insisted could never work because the “greedsters” in the private sector would steal it all, is the exact same plan that she has for herself for her own retirement by her own admission.
Second: Dr. Gilarducci had written some good papers on 401K reform. She argued that too much of the 401K investment is in the employers own stock, so if the employer goes under said employee looses a lot of their retirement. As a fix she proposed that 401K laws be changed to require diversity of investment to more reliably pre-fund such retirement plans. Social Security has much the same problem as all of the eggs are in one basket, there is no diversity of investment and people’s retirement’s are not pre-funded.
So I used her own words and arguments on how to have a reliable and secure 401k, but replaced the term “401k” with “Social Security”. I used those near verbatim arguments to make most of my case.
All through the debate she insisted that (what she didn’t realize were her own arguments in her own published work) were just bad arguments from a young undergrad who just didn’t know better and that is how she treated me……until the end when I dropped the bomb that many of the arguments she so cutely poo-poohed were actually her own published work. She was floored.
During my last few shows, including as recently as yesterday, I have alerted you to Obama’s desire to nationalize your 401-k plan and eliminate your mortgage interest deduction.
Some background on the former. Back in October 2008, I got word that Professor Teresa Ghilarducci of the New School had testified before Rep. George Miller’s committee in support of a plan to nationalize private pension plans — in particular, 401-k plans. I not only spoke about it on my show back then, but we tracked down the professor and I conducted the first interview on talk radio. I will discuss this at more length on my program this evening, but I thought you might want to be among the first to listen to that interview again. Please pass it along to as many people as you can. See below.