I’m not really sure what’s going on in the dark corners of Paul Krugman’s mind as he repeatedly shreds his twin reputations as an excellent international economist (he really is on the list of likely future Nobel winners) and gifted essayist. Take this from today:

Privatizers claim that financial markets won’t be disturbed by all that
borrowing because the Bush plan prescribes offsetting cuts in
guaranteed benefits for the workers who open private accounts. Mr.
Greenspan, who does know a thing or two about markets, put his finger
on the reason why those prospective future benefit cuts wouldn’t offset
current borrowing in the eyes of investors: "Well, the problem is that
you cannot commit future Congresses to stay with that."

He is using the information that Congress, when faced with the tax rises that will be necessary decades hence to pay for current Social Security promises, might blink and cut benefits and so ignore those promises, as opposed to personal accounts where Congress cannot interfere, to argue in favour of trusting in Congress.

Hunh? This from a man whose criticisms of mercantilist behaviour, of import protection and the rest, are based on the fact that politicians are cowards who crumble in the face of lobbyists and difficult decisions?