To The Economist
15 January 2005
Sir
You warn President Bush that "Pensions reform is complicated, since the immediate transition costs can be big" (Jan 15th 2005). The accounting scam which makes this seem so is monstrous in its proportions, making Enron seem tiny. Official US debt is $7 trillion, yet unfunded social security liabilities amount to a further $10 trillion. To reduce hidden debts by incurring honest ones need not increase total exposure.
Yours truly,
Quentin Langley
Copyright © Quentin Langley 15 January 2005