The Facts Machine

"And I come back to you now, at the turn of the tide"

Friday, April 29, 2005

THE AMAZING TRANSFORMATIVE POWERS OF TREASURY BONDS!

MediaMatters notes:
Most major televised media outlets failed to note that President Bush, in his one-hour press conference on April 28, made two flatly contradictory statements about the viability of U.S. treasury bonds, in which the Social Security trust fund is invested. Repeating a claim made in his recent travels throughout the country in support of Social Security privatization, Bush said that the treasury bonds owned by the trust fund represent worthless IOUs from the U.S. government. But he later touted those same bonds for holders of his proposed private accounts looking for a safe investment that would be "backed by the full faith and credit of the United States government."
But I noticed! (5:09 entry)

Also, eventually the realities of the plan Bush spoke of at the press conference -- namely that everyone making over a mere 20 grand will be subject to large benefit cuts -- will make it into the national press... even though it hasn't yet. Still, I'd be more concerned if Bush hadn't made such a big deal about private accounts in the conference, saying they "gotta be" part of a SS plan. As long as they're there, he doesn't have the votes in the Senate.

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