April 29, 2005
Of human bondage
More from Bush’s press conference:
In a reformed Social Security system, voluntary personal retirement accounts would offer workers a number of investment options that are simple and easy to understand. I know some Americans have reservations about investing in the stock market, so I propose that one investment option consist entirely of Treasury bonds, which are backed by the full faith and credit of the United States government.
Those would be the same Treasury bonds that make up the Social Security trust fund, which Bush discussed three weeks ago:
“There is no trust fund, just IOUs that I saw firsthand, that future generations will pay,” Bush said after inspecting the storage site. “Imagine – the retirement security for future generations is sitting in a filing cabinet.”
All you need is faith.
Thanks to Josh Marshall for the pointer.
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