Tuesday, October 19, 2004

Economics even I can understand

MaxSpeak, you listen:

The latest Bush entry in the Stupid Olympics, after the "terrorism is a nuisance" canard (nicely ripped here by Michael Kinsley), is their umbrage over the suggestion that they have a secret plan to privatize Social Security.

If memory serves, the President was emphatic in the third debate on the need to divert a portion of payroll taxes into individual accounts. That's privatization. The fun part -- the need to replace trillions of dollars of lost revenue to pay current Social Security benefits -- was missing from his spiel. [my emphasis]

There are only a few possibilities here.

[. . .]

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