President Bush said on Thursday that addressing the long-term problems in Social Security would reassure the financial markets, offering a rationale to offset criticism that his plan to add personal investment accounts to the retirement system would require up to $2 trillion in new government borrowing.
But wait, the deficit will widen for more than ten years before the no doubt illusory savings promised by Bush will happen.
Bush made an aggressive sales pitch for restructuring the New Deal-era retirement program by letting younger workers open private investment accounts, an approach that would widen the federal deficit for a decade or more before long-term savings began to accrue.
Let’s see, who benefits from all this? The financial firms who will manage this money, that’s who. I’m sure they have our best interests at heart, uh huh.