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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: CalculatedRisk	1/1/2005 8:46:21 PM
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WSJ's David Wessel on Bush's Social Security fraud: The president's private accounts aren't really intended to fix Social Security. (MY COMMENT: No kidding.) Rather, they are a way to advance his deeply held belief in the value of a more individualistic "ownership society." The president measures Social Security liabilities not over the actuaries' usual 75-year horizon but over eternity -- which generates a frightening $10 trillion in unfunded promises. But when he measures the cost to the Treasury of his tax cuts, he prefers the five-year horizon. The president has, at least rhetorically, discovered fiscal rectitude, but bets the bond market will absorb hundreds of billions in new Treasury borrowing without pushing up interest rates... online.wsj.com

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