Monday, February 07, 2005

Alpo Accounts: Maybe it was just a bad idea? Like that mission to Mars? 

Dick "Dick" Cheney:

Cheney acknowledged yesterday that the federal government would need to borrow trillions of dollars over the next few decades to cover the cost of the personal retirement accounts at the heart of President Bush's plan to restructure Social Security.

Appearing on "FUX News Sunday," Cheney said the government would have to borrow $754 billion over the next 10 years, and conceded that the price tag would involve borrowing trillions of dollars more in subsequent decades.

"That's right. Trillions more after that," Cheney said in response to a question.
(via WaPo)

So the concept is, that we borrow trillions of dollars and then gamble it on the stock market?

There's a nice letter in the always interesting and useful Times Letters to the Editor today:

To the Editor:

I have news for those sweet-talking ideologues who try to sugarcoat their plans to privatize Social Security by calling their proposed diversions to the stock market "personal" rather than "private" accounts ("A Spoonful of Sugar," editorial, Feb. 1).

Like millions of other older Americans, I already have a personal account. It delivers a guaranteed benefit check in my name every month and is identified by my personal Social Security number.

H. Jack Geiger
Brooklyn, Feb. 1, 2005


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