Wednesday, June 08, 2005



WASHINGTON - President Bush has all but conceded his plan for private accounts for Social Security is dead, admitting privatization won't save the federal retirement system.
"You can solve the solvency issue without personal accounts," Bush said in an interview with the Radio-Television News Directors Association.

Private accounts have been the cornerstone of Bush's Social Security plan, and the White House insisted he's not abandoning them. He still plans to talk up privatization as an option for young Americans, but his primary focus now will be on keeping the program healthy

Of course it's hard to understand how we can think about the issue of solvency as long as the preznit is yammering about file cabinets filled with meaningless IOUs. Until he stops that any increase in pre-funding is a sucker's game...