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February 6, 2005
Social Security Flip-Flop

Cheney today admitted that the administration's plan to "reform" Social Security involves borrowing $758 billion over the next 10 years, and then "trillions more after that." Even those staggering sums are the result of some number-fudging, as Host Chris Wallace pointed out.

All this while the President tours the country touting his reform plan and conning people into thinking it will "save" Social Security.

Problem is, it won't. It will kill Social Security, and that's exactly their intention.

Bush added new details to his proposal for individual accounts, under which workers could direct some of the taxes now paid for Social Security to mutual funds investing in stocks and bonds.

In a significant shift in his rationale for the accounts, Bush dropped his claim that they would help solve Social Security's fiscal problems -- a link he sometimes made during last year's presidential campaign. Instead, he said the individual accounts were desirable because they would be "a better deal," providing workers what he said would be a higher rate of return and "greater security in retirement."

A Bush aide, briefing reporters on the condition of anonymity, was more explicit, saying that the individual accounts would do nothing to solve the system's long-term financial problems.

Los Angeles Times

Josh Marshall asks, "At what point does this proposed policy collapse under the weight of its own ridiculousness?"

Soon, I hope, but not too soon. I'd like to see him talk about nothing else for a few more months while everyone realizes what a load of crap the whole thing is. See how much "political capital" he has left then.


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