"In Galveston, Texas, they have allowed people to privatize part of their Social Security. And people are building wealth." - E. J. JacksonImpracticable Economic Deceptions (IEDs) are the currency of the "free market" right and sustain the Tea Party utopian ideal. The Republican Party has propagated these myths with passion. The origin of the species can be traced to the less evolved and more transparent supply side Laffer curve which has sired many well-camouflaged mutant and hybrid economic myths. These IEDs have been deployed along the path to our future and threaten to devastate any hope for the American dream.
Jackson's pointless point about the Galveston pension system is instructive. First, it is about the shorthand that the right uses constructing mantras that appeal to the under and misinformed. Next, Social Security, like health care reform, suffered obstruction and practical implementation issues from its inception. What Jackson has helped fashion by planting Galveston in the heads of the thankfully few Virginians who heard or read about the Republican debate is a piece of an horrific IED: privatizing Social Security.
All of the four proposals on the table are losers for our roads and schools, and it looks like he is going to be stopped dead in his tracks because math teachers have been doing a good job in Virginia. Nevertheless he ought to demonstrate his confidence and that he's good on his word in some way. To keep it simple, the wager will be for the year following the initial "windfall" and include the revenue stream generated by alcohol licensing and taxes on the booze and the taxes on income from the hard hooch sales. No cute accounting tricks like with the budget allowed. He doesn't get to call WalMart a liquor store and include all of WalMart's sales of underthings or whatever.
And when I win, here's my promise: I won't keep the money. I'll contribute it in his name to the McAuliffe for Governor campaign. Or if he objects to that, I'll donate it to a charity. Something he can appreciate like a religious cause. Say, the mosque being built in lower Manhattan.