"Get your facts first, and then you can distort them as much as you please." (Mark Twain)
Friday, April 29, 2005
"A lot of people in America think there is a trust -- that we take your money in payroll taxes and then we hold it for you and then when you retire, we give it back to you," Bush said in a speech at the University of West Virginia at Parkersburg.
"But that's not the way it works," Bush said. "There is no trust `fund' -- just IOUs that I saw firsthand," Bush said.
Earlier, Susan Chapman of the Office of Public Debt Accounting had shown Bush an ivory four-drawer filing cabinet with numeric locks. "This is it," she said.
"This is what exists," Bush said, illustrating his point that the promise of future Social Security benefits are simply stashed in a file.
Chapman opened the second drawer and pulled out a white notebook filled with pseudo Treasury securities -- pieces of paper that offer physical evidence of $1.7 trillion in treasury bonds that make up the trust fund.
And now - Dear Leader last night:
In a reformed Social 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.