Wednesday, March 16, 2005

Presidential Idiocy Watch

I'm actually of the belief that the President, confident and cocky at his re-election, has become a little more loose-lipped and so has been saying even stupider things than he normally does.

    "A lot of people in America think there is a trust: Your money goes in, the government holds it, and then the government gives your money back when you retire," the president said. "That's just not the way it works."

    He added, "Right now, we're paying for a lot of programs other than Social Security with the payroll tax coming in, thereby leaving a pile of IOUs. And part of why I think a personal account is an attractive option for a younger worker is that there would be real assets in the system at this point in time."
That "pile of IOU's" happens to be U.S. Treasury bonds. I guess someone ought to tell our foreign investors that U.S. Treasury bonds are no longer considered "real assets."

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