Benefit Offset?

It was no surprise when Dubya went spouting off at the mouth last night about his plan to privatize social security. What was a surprise is that he would do such a thoroughly awful job of hiding the faults in his plan. Today’s Washington Post has this piece explaining the President’s little benefit offset plan,

Even more curiously, a “senior administration official” who briefed reporters on the Social Security proposal earlier today disclosed details of the White House plan that I don’t think will play well in Peoria. Most significantly, this official revealed that most or all of the earnings from new “personal” or privatized accounts will be paid not to the holder of the account, but to the government. The senior official called this a “benefit offset.” It’s one way to finance the creation of these private accounts, but it’s going to cause quite a political stir, I think.

For a more detailed description of this little ruse head over to Eschaton.

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